Form 4: ProAssurance Corp CEO Rand Edward Lewis Jr. Reports Stock Transactions

Rand Edward Lewis Jr., President & CEO of ProAssurance Corp, reports the vesting and subsequent tax withholding related to restricted stock units.

Summary

• On July 1, 2024, Rand Edward Lewis Jr., President & CEO of ProAssurance Corp, reported transactions involving common stock and restricted stock units (RSUs).
• 55,157 Restricted Stock Units vested at a price of $12.2, resulting in the acquisition of common stock.
• 23,066 shares were disposed of to cover tax obligations related to the vesting of the RSUs, also at $12.2.
• Following these transactions, Rand Edward Lewis Jr. directly owns 201,513 shares of ProAssurance Corp common stock.
• The report also details the nature of the RSUs, their vesting schedules, and the conditions under which vesting may accelerate.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing stock transactions, with no inherent positive or negative sentiment. It reflects routine compensation practices.

Future Outlook

The document outlines the vesting schedules for various restricted stock unit grants, indicating future potential equity compensation for the reporting person contingent on continued employment and other conditions.

Industry Context

This Form 4 filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into the transactions of company executives. It is typical for executives to receive equity compensation in the form of restricted stock units, which vest over time and are subject to certain conditions.

Comparison to Industry Standards

• Equity compensation practices, including the use of restricted stock units (RSUs), are common across the insurance industry and among publicly traded companies.
• Vesting schedules of one-third per year are a standard practice to incentivize long-term employment.
• Similar companies such as The Travelers Companies, Inc. and Chubb Limited also utilize RSUs as part of their executive compensation packages.
• The acceleration of vesting upon events like death, disability, or 'Good Reason' termination is a typical provision in executive employment agreements.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the change in the number of shares held by a key executive.
• Employees may be impacted by the vesting schedules of the RSUs, as they are tied to continued employment.

Key Dates