Form 4: Old Republic International Corp. Executive Sodaro Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Frank Joseph Sodaro, Sr. VP & CFO of Old Republic International Corp., sold shares to cover tax liabilities related to vesting Restricted Stock Awards (RSAs).
Summary
- Frank Joseph Sodaro, a Senior Vice President and CFO at Old Republic International Corp (ORI), reported a transaction involving the company's common stock on March 15, 2024.
- The transaction involved the surrender of 2,523 shares to cover tax liabilities associated with the vesting of previously granted Restricted Stock Awards (RSAs).
- The price per share for the transaction was $29.13.
- Following the transaction, Sodaro directly owns 46,835 shares of common stock, which includes 30,015 unvested RSAs.
- Additionally, Sodaro indirectly owns 3,195 shares through a 401K.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing represents a routine transaction for tax purposes and doesn't indicate any significant positive or negative developments for the company.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This particular filing reflects a common practice of executives selling shares to cover tax obligations arising from the vesting of stock awards.
Key Dates
| Date | Description |
|---|---|
| 03/14/2024 | Date used to determine the closing price of ORI stock for calculating the amount withheld for tax liability. |
| 03/15/2024 | Date of the transaction where shares were surrendered to cover tax liability. |
| 03/19/2024 | Date of the signature on the Form 4 filing. |
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