Form 4: ProAssurance Director Scott C. Syphax Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Director Scott C. Syphax reports acquisition and disposal of ProAssurance Corp stock related to director compensation.
Summary
- Scott C. Syphax, a director of ProAssurance Corp, filed a Form 4 detailing changes in beneficial ownership.
- On May 23, 2024, Syphax acquired 13,988 shares of common stock at a price of $14.57 per share.
- These shares were awarded under the ProAssurance Corporation Director Deferred Stock Compensation Plan and are exempt under Rule 16b-3.
- The grant was recommended by the Compensation Committee and approved by the Board of Directors on May 22, 2024.
- The stock compensation grant was for shares having a value not to exceed $95,000.
- The number of shares was determined using the closing price of a share of stock on the New York Stock Exchange (NYSE) on May 23, 2024, which was $14.57.
- Syphax also disposed of 21,083 shares.
- Following the reported transactions, Syphax beneficially owns 21,083 shares of ProAssurance Corp stock.
Sentiment
Score: 7
Explanation: The document is a standard regulatory filing detailing routine stock transactions related to director compensation. It doesn't contain any particularly positive or negative information, hence a neutral sentiment score.
Industry Context
This filing is a routine disclosure related to director compensation and stock ownership, common in publicly traded companies.
Comparison to Industry Standards
- Director compensation packages, including stock grants, are a standard practice among publicly traded companies to align the interests of directors with those of shareholders.
- The value of the stock compensation grant, not to exceed $95,000, appears to be within a reasonable range for director compensation at similar-sized companies in the insurance industry.
- Companies like The Doctors Company and Medical Protective also utilize stock-based compensation for their directors.
Stakeholder Impact
- The stock transactions may have a minor impact on shareholders due to the change in beneficial ownership.
- The director's compensation reflects the company's valuation of their service.
Key Dates
| Date | Description |
|---|---|
| 05/22/2024 | Board of Directors meeting approving the stock compensation grant |
| 05/23/2024 | Date of stock acquisition and disposal |
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