Form 4: Spire VP & Treasurer Reports Stock Transactions

Spire Inc.'s Vice President and Treasurer, Boyan N. Lalov, reported recent acquisitions and dispositions of company common stock related to restricted stock vesting and awards.

Summary

• Boyan N. Lalov, Vice President and Treasurer of Spire Inc., reported several transactions involving the company's common stock on November 18, 2025.
• These transactions included the acquisition of 477 shares from vested performance-contingent restricted stock units and an award of 290 time-vested restricted shares.
• Dispositions included 41 shares withheld for taxes related to the vesting of 140 time-vested restricted shares and 136 shares withheld for taxes related to the vesting of 477 performance-contingent restricted stock units.
• Following these transactions, Lalov directly beneficially owns 1,150 shares of common stock.
• Additionally, 552.899 shares are indirectly held in a 401(k) plan as of November 17, 2025.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive as it reflects the vesting of performance-based awards and new equity grants, indicating ongoing executive compensation and alignment with company performance, despite some shares being sold for tax purposes.

Positives

• Acquisition of 477 shares of common stock from vested performance-contingent restricted stock units, indicating achievement of performance metrics.
• Award of 290 time-vested restricted shares, demonstrating ongoing equity compensation.

Negatives

• Disposition of 41 shares and 136 shares (total 177 shares) to cover tax obligations related to restricted stock vesting.

Future Outlook

The filing does not contain any forward-looking statements or guidance beyond the vesting schedule for a specific restricted stock award.

Industry Context

This Form 4 filing details routine insider transactions related to equity compensation, which is a common practice across various industries to align management incentives with shareholder interests. It does not provide broader industry trends or competitive analysis.

Stakeholder Impact

• Shareholders: The transactions reflect standard executive compensation practices, which can align management's interests with shareholders. The disposition of shares for tax purposes is a common occurrence and not indicative of a lack of confidence.
• Employees: The equity awards are part of the company's compensation structure, which can motivate executives.

Next Steps

• The 290 time-vested restricted shares are scheduled to vest on November 18, 2028.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions related to executive compensation, including the vesting of restricted stock and new awards, along with associated tax withholdings. These transactions are standard and do not provide new fundamental information about Spire Inc.'s operational performance or strategic direction that would warrant a change in investment recommendation. Investors should consider broader company fundamentals and market conditions rather than these routine compensation-related filings.

Keywords

Spire Inc., SR, Form 4, Insider Trading, Stock Transactions, Restricted Stock, Equity Compensation, Boyan N. Lalov, Vice President, Treasurer