Form 4: SunCoke Energy Director Katherine T. Gates Reports Stock Transactions
SEC Form 4 Filing
Katherine T. Gates, a Director and President of SunCoke Energy, Inc., reported the vesting of restricted stock units (RSUs) and subsequent withholding of shares to cover tax obligations on February 23, 2024.
Summary
- On February 23, 2024, Katherine T. Gates, a Director and President of SunCoke Energy, Inc., engaged in transactions involving SunCoke Energy's common stock.
- These transactions involved the vesting of restricted stock units (RSUs) and the subsequent withholding of shares by the company to satisfy minimum statutory withholding requirements on the vesting of these RSUs.
- Specifically, 17,879, 13,357, and 10,553 RSUs vested, which were converted into common stock.
- Following the vesting, SunCoke Energy withheld 8,457, 6,318, and 4,992 shares, respectively, at a price of $10.84 per share to cover tax obligations.
- After these transactions, Ms. Gates directly owns 189,754 shares of SunCoke Energy common stock.
- The reported transactions were related to RSUs granted under SunCoke Energy's Omnibus Long-Term Incentive Plan and Long-Term Performance Enhancement Plan.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing insider transactions, which carries a neutral sentiment.
Industry Context
This Form 4 filing is a routine disclosure related to insider transactions and is a standard practice for publicly traded companies like SunCoke Energy. It provides transparency into the trading activities of the company's directors and officers.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and are required by the SEC to ensure transparency in insider trading.
- Companies like Peabody Energy (BTU) and Arch Resources (ARCH), which operate in related industries, also regularly file Form 4 documents when their executives or directors trade company stock.
- The vesting of RSUs and subsequent withholding of shares for tax purposes is a common compensation practice across various industries.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
- The transactions have a minimal impact on employees, customers, suppliers, and creditors.
Key Dates
| Date | Description |
|---|---|
| 02/25/2021 | Grant date of RSUs under the SunCoke Energy, Inc. Long-Term Performance Enhancement Plan. |
| 02/24/2022 | Grant date of RSUs under the SunCoke Energy, Inc. Long-Term Performance Enhancement Plan. |
| 02/23/2023 | Grant date of RSUs under the SunCoke Energy, Inc. Omnibus Long-Term Incentive Plan. |
| 02/23/2024 | Date of RSU vesting and share withholding. |
| 02/23/2024 | Date RSUs (02.23.2023) exercisable. |
| 02/23/2026 | Date RSUs (02.23.2023) expiration. |
| 02/25/2022 | Date RSUs (02.25.2021) exercisable. |
| 02/25/2024 | Date RSUs (02.25.2021) expiration. |
| 02/24/2023 | Date RSUs (02.24.2022) exercisable. |
| 02/24/2025 | Date RSUs (02.24.2022) expiration. |
| 02/27/2024 | Date of signature by Attorney-in-Fact. |
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