Form 4: Turning Point Brands Executive De Plano Sells Shares to Cover Tax Obligations
SEC Form 4
Lorenzo De Plano, Chief Strategy Officer of Turning Point Brands, sold shares to cover tax obligations related to vested restricted stock units.
Summary
- On January 2, 2025, Lorenzo De Plano, Chief Strategy Officer of Turning Point Brands, Inc., disposed of 174 shares of common stock to cover tax obligations.
- The shares were sold at a price of $60.65 per share.
- Following the transaction, De Plano directly owns 34,722 shares, including 6,754 restricted stock units and 27,968 shares of common stock.
- De Plano also holds options to purchase 1,386 shares (expiring March 18, 2030), 2,100 shares (expiring February 18, 2031), and 2,500 shares (expiring March 14, 2032) under the company's equity incentive plans.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing an insider transaction. It doesn't inherently convey positive or negative sentiment, as it simply reports facts.
Industry Context
Form 4 filings are a routine part of the regulatory landscape, providing transparency into the transactions of company insiders. This filing indicates a sale of shares to cover tax obligations, which is a common practice.
Stakeholder Impact
- The sale of shares by an executive could have a minor impact on shareholder sentiment, but is unlikely to be significant as it is for tax purposes.
Key Dates
| Date | Description |
|---|---|
| 01/01/2021 | 34% of 2020 options vest and become exercisable. |
| 01/01/2022 | 34% of 2021 options and 33% of 2020 options vest and become exercisable. |
| 01/01/2023 | 34% of 2022 options and 33% of 2021 options and 33% of 2020 options vest and become exercisable. |
| 01/01/2024 | 33% of 2022 options and 33% of 2021 options vest and become exercisable. |
| 01/02/2025 | Shares withheld for payment of taxes related to restricted stock units that vested. |
| 01/01/2025 | 33% of 2022 options vest and become exercisable. |
| 01/06/2025 | Date of Form 4 filing. |
| 03/18/2030 | Expiration date for 2020 options. |
| 02/18/2031 | Expiration date for 2021 options. |
| 03/14/2032 | Expiration date for 2022 options. |
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