Form 4: Schwab Director Brian Levitt Reports Stock Disposals for Tax Obligations

Brian M. Levitt, a director at Charles Schwab Corp, reported disposing of common stock to cover tax obligations related to settled restricted stock units.

Summary

• On May 17, 2024, Brian M. Levitt, a director of Charles Schwab Corp, disposed of 241 shares of common stock at a price of $77.92 per share to cover tax obligations.
• On May 19, 2024, Levitt disposed of an additional 162 shares of common stock at $78.495 per share for the same reason.
• Following these transactions, Levitt directly owns 5,667 shares of common stock and indirectly owns 21,846 shares through a corporation.
• The disposals were related to the settlement of restricted stock units.
• Levitt has a Power of Attorney appointing P. Blake Allen, Kristopher R. Tate, and Jeffrey E. Salvesen to handle SEC filings on his behalf.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing related to stock disposals for tax purposes, indicating a neutral sentiment.

Industry Context

Form 4 filings are standard disclosures required by the SEC for corporate insiders, providing transparency into their transactions in the company's stock. These filings are closely watched by investors for signals about management's view of the company's prospects.

Comparison to Industry Standards

• Directors disposing of shares to cover tax obligations upon vesting of restricted stock units is a common practice across publicly traded companies.
• The amounts are relatively small, suggesting this is a routine tax-related transaction rather than a significant change in the director's investment position.
• Comparable companies such as Morgan Stanley, Goldman Sachs, and Bank of America also see similar filings from their directors and officers.

Stakeholder Impact

• The transactions are unlikely to have a significant impact on shareholders, as they are related to tax obligations and involve a small number of shares.

Key Dates