Form 4: Universal Corp Senior VP McKeen Starke Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Senior VP and Sales Director McKeen Starke reports changes in beneficial ownership of Universal Corp stock due to tax withholding related to vested restricted stock units.
Summary
- On May 23, 2024, McKeen Starke, Senior VP & Sales Director at Universal Corp, reported changes in beneficial ownership of the company's common stock.
- The changes resulted from the surrender of 261 shares to satisfy withholding taxes related to previously granted restricted stock units that vested on the same date.
- Following the transaction, Starke directly owns 3,583 shares of Universal Corp, which includes 2,020 restricted stock units and 204 dividend equivalent units earned on the restricted stock units.
- An omission of 2,420 restricted stock units and 343 dividend equivalent units on the reporting person's Form 3 filed with the SEC on August 10, 2023, was noted and corrected.
Sentiment
Score: 7
Explanation: The document is a standard regulatory filing, indicating neutral sentiment. The correction of a previous omission suggests diligence, contributing slightly to a positive view.
Industry Context
This is a routine disclosure related to insider transactions and equity compensation, common in publicly traded companies. It provides transparency into the holdings and transactions of company executives.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their insiders, ensuring transparency and compliance with SEC regulations.
- Similar filings are made by executives at comparable companies in the tobacco industry, such as Altria Group (MO) and Philip Morris International (PM), whenever there are changes in their beneficial ownership of company stock.
- The reporting requirements and timelines are consistent across the industry, as mandated by the SEC.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders, as it involves the surrender of shares for tax purposes and does not represent a significant change in the company's financial position.
- Employees holding restricted stock units are indirectly affected, as this filing reflects the tax implications of vesting equity awards.
Key Dates
| Date | Description |
|---|---|
| 08/10/2023 | Date of original Form 3 filing with the SEC, which contained an omission of restricted stock units and dividend equivalent units. |
| 05/23/2024 | Date of transaction: shares of common stock surrendered to the Company to satisfy the withholding taxes relating to previously granted restricted stock units that vested. |
| 05/28/2024 | Date of signature on the Form 4 filing. |
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