Form 4: Webster Financial Corp CEO John R. Ciulla Reports Changes in Beneficial Ownership
SEC Form 4 Filing
John R. Ciulla, President and CEO of Webster Financial Corp, reports acquisition and disposal of common stock due to restricted share grants and tax withholdings.
Summary
- John R. Ciulla, the President and CEO of Webster Financial Corp, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On March 1, 2024, Ciulla acquired 27,889 shares of common stock through a grant of time-based restricted shares that will vest in three equal installments over the next three years.
- Also on March 1, 2024, Ciulla disposed of 3,396 shares and 3,770 shares of common stock at a price of $47.64 due to tax withholdings upon the vesting of certain time-based restricted shares granted on March 1st in 2022 and 2023.
- Following these transactions, Ciulla directly owns 258,379 shares of common stock and indirectly owns 15,485.124 shares through a 401(k) plan.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The grant of restricted shares is a positive sign of aligning management interests with shareholders, while the tax withholding is a normal part of equity compensation.
Positives
- The grant of 27,889 restricted shares to the CEO aligns his interests with the long-term performance of the company.
Future Outlook
The restricted shares will vest in three equal installments over the next three years.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders and their alignment with shareholder interests.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock grants to incentivize performance, a common practice among financial institutions.
- Tax withholding upon vesting of restricted shares is a standard procedure.
Stakeholder Impact
- The grant of restricted shares aligns the CEO's interests with those of the shareholders.
- Tax withholding impacts the CEO's personal finances.
Key Dates
| Date | Description |
|---|---|
| 03/01/2022 | Date of grant of certain time-based restricted shares that vested on 03/01/2024. |
| 03/01/2023 | Date of grant of certain time-based restricted shares that vested on 03/01/2024. |
| 03/01/2024 | Date of the reported transactions: acquisition of restricted shares and disposal for tax withholding. |
| 03/04/2024 | Date of the Form 4 filing. |
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