Form 4: Turning Point Brands Officer De Plano Steps Down from Role, Ceases Section 16 Reporting
SEC Form 4
Lorenzo De Plano, formerly Chief of Strategy at Turning Point Brands, is no longer subject to Section 16 reporting due to his appointment as CEO of ALP Supply Co, LLC.
Summary
- Lorenzo De Plano, an officer at Turning Point Brands, Inc., has ceased to be subject to Section 16 reporting.
- This change is due to his appointment as Chief Executive Officer of ALP Supply Co, LLC.
- He previously held the position of Chief of Strategy at Turning Point Brands.
- De Plano's last transaction date as an officer was April 1, 2025.
- He directly owns options to purchase common stock under the Turning Point Brands, Inc. 2015 and 2021 Equity Incentive Plans.
- These options vest in installments on January 1st of 2021, 2022, 2023, 2024 and 2025.
- He did not have any transactions in the Issuer's securities during the time that he was a Section 16 reporting person other than those previously disclosed in his filings.
Sentiment
Score: 6
Explanation: The document is a standard regulatory filing related to a change in executive role. It is neutral in tone and provides factual information.
Positives
- The document provides transparency regarding changes in company leadership and insider holdings.
Management Comments
- The Reporting Person did not have any transactions in the Issuer's securities during the time that he was a Section 16 reporting person other than those previously disclosed in his filings.
Industry Context
Executive departures and appointments are common in the corporate world, and this filing reflects a change in leadership at Turning Point Brands.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Chief of Strategy | Lorenzo De Plano | N/A | 04/01/2025 | Appointed as Chief Executive Officer of ALP Supply Co, LLC |
Stakeholder Impact
- Shareholders may be interested in the change in management and its potential impact on the company's strategy.
- Employees may experience changes in leadership and reporting structures.
Key Dates
| Date | Description |
|---|---|
| 01/01/2021 | 34% of 2020 options vest and become exercisable |
| 01/01/2022 | 33% of 2020 options and 34% of 2021 options vest and become exercisable |
| 01/01/2023 | 33% of 2020 options and 33% of 2021 options and 34% of 2022 options vest and become exercisable |
| 01/01/2024 | 33% of 2021 options and 33% of 2022 options vest and become exercisable |
| 01/01/2025 | 33% of 2022 options vest and become exercisable |
| 03/18/2030 | Expiration date of 2020 options |
| 02/18/2031 | Expiration date of 2021 options |
| 03/14/2032 | Expiration date of 2022 options |
| 04/01/2025 | Date of earliest transaction and date of signature |
Keywords
Section 16, insider trading, officer, De Plano, Turning Point Brands, TPB, ALP Supply Co, management change, options, equity incentive plan
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