Form 4: Schwab Co-Chairman Walter Bettinger Reports Stock Transactions
SEC Form 4 Filing
Walter Bettinger, Co-Chairman of Charles Schwab Corp, reports acquisition of shares through vesting of restricted stock units and disposition of shares to cover tax obligations.
Summary
- On March 1, 2025, Walter Bettinger acquired 225,295 shares of Schwab common stock through the vesting of performance-based restricted stock units (PBRSUs).
- These PBRSUs were granted under the company's 2013 Stock Incentive Plan and reflect the achievement of a performance goal over a three-year period ending December 31, 2024.
- On March 3, 2025, Mr. Bettinger disposed of 96,539 shares to cover tax withholding obligations related to the vesting of the PBRSUs at a price of $79.045 per share.
- Mr. Bettinger also acquired 52,440 nonqualified stock options (right to buy) at a price of $78.12 on March 3, 2025.
- These options were granted under the company's 2022 Stock Incentive Plan and vest in four equal annual installments beginning on the first anniversary of the grant date.
- Following these transactions, Mr. Bettinger directly owns 956,133.022 shares of common stock.
- He also indirectly owns shares through an ESOP (6,603.898 shares), an ESPP (4,073 shares), and his spouse (2,541.284 shares).
Sentiment
Score: 6
Explanation: The sentiment is neutral. The filing reflects standard compensation practices and doesn't indicate any significant positive or negative developments.
Positives
- The vesting of PBRSUs indicates that performance goals were met, which could be viewed positively.
Negatives
- The sale of 96,539 shares to cover tax obligations could be seen as a slight negative, although it's a common practice.
Industry Context
Form 4 filings are standard practice and provide transparency into the transactions of company insiders. This filing indicates routine transactions related to compensation and tax obligations.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they are related to executive compensation and tax obligations.
Key Dates
| Date | Description |
|---|---|
| 12/31/2024 | End of the three-year performance period for the PBRSUs. |
| 03/01/2025 | Acquisition of 225,295 shares through vesting of PBRSUs. |
| 03/03/2025 | Disposition of 96,539 shares to cover tax obligations and acquisition of 52,440 nonqualified stock options. |
| 03/03/2035 | Expiration date of the nonqualified stock options. |
| 03/04/2025 | Date of signature on the Form 4 filing. |
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