Form 4: Universal Corp Chairman, President & CEO Reports Changes in Beneficial Ownership

George C. Freeman III, Chairman, President & CEO of Universal Corp, reports a transaction involving the surrender of shares to cover withholding taxes related to vested restricted stock units.

Summary

• On May 23, 2024, George C. Freeman III, Chairman, President & CEO of Universal Corp, reported a change in beneficial ownership.
• He surrendered 10,088 shares of common stock to the company to satisfy withholding taxes related to previously granted restricted stock units that vested on the same date.
• The shares were surrendered at a price of $46.52 per share.
• Following the transaction, Freeman directly owns 326,923 shares, which includes 97,388 restricted stock units and 35,690 dividend equivalent units earned on the restricted stock units.
• He also indirectly owns 200 shares each through his oldest daughter, youngest daughter, and as UGMA custodian for his son.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing detailing an insider transaction. It doesn't contain information that would significantly sway investor sentiment positively or negatively.

Industry Context

Form 4 filings are standard practice and provide transparency into the transactions of company insiders, allowing investors to track ownership changes and potential alignment of interests.

Comparison to Industry Standards

• Tracking insider transactions is a common practice in financial analysis.
• Similar filings are made by executives at comparable companies like Altria Group (MO) and British American Tobacco (BTI).
• The scale of the transaction is relatively small compared to the overall market capitalization of Universal Corp.

Stakeholder Impact

• The transaction has a minimal impact on shareholders as it is a standard procedure for covering tax obligations.
• Employees who hold restricted stock units may be interested in the details of the tax withholding process.

Key Dates