Flagstar (NYSE: FLG) SEVP withholds 923 shares to cover tax bill
Rhea-AI Filing Summary
FLAGSTAR BANK, NATIONAL ASSOCIATION senior executive Reginald E. Davis reported a routine tax-related share disposition. On this Form 4, 923 shares of common stock were surrendered to the issuer to cover tax obligations when restrictions on previously awarded shares lapsed.
After this withholding, Davis holds 43,782 shares directly and 27,566 shares indirectly by stock award. Footnotes note that his direct holdings now include previously restricted shares that have vested, and that remaining service-based restricted stock units will continue to vest over time, with a December 1, 2022 stock award vesting in two equal installments starting on December 1, 2026.
Positive
- None.
Negative
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Insider Trade Summary
Net Seller: 923 shares
Net Sell
2 txns
Insider
Davis Reginald E
Role
SEVP & Pres Consumer Banking
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise Price or Tax Liability | Common Stock | 923 | $0.00 | $0.00 |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 43,782 shares (Direct);
Common Stock — 27,566 shares (Indirect, By Stock Award)
Footnotes (4)
- F1. These shares were surrendered to the issuer to cover the tax obligations on shares for which restrictions have lapsed.
- F2. The number of shares held directly includes certain shares that were previously held by Stock Awards and that have subsequently vested.
- F3. Total includes service based restricted stock units that will vest in shares of Issuer's common stock over the passage of time.
- F4. The remaining shares granted under Stock Award on December 1, 2022 pursuant to the Issuer's 2016 Stock Award and Incentive Plan, will vest in two approximately equal annual installments commencing on December 1, 2026.
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FAQ
What insider transaction did FLG executive Reginald E. Davis report?
Reginald E. Davis reported surrendering 923 shares of Flagstar common stock to the issuer to cover tax obligations when restrictions on previously awarded shares lapsed. This tax-withholding disposition used code F and does not represent an open-market purchase or sale of shares.
Was the FLG insider transaction an open-market sale or a tax withholding?
The transaction was a tax withholding, not an open-market sale. The Form 4 uses transaction code F, and the footnote clarifies that 923 shares were surrendered to Flagstar Bank to satisfy tax obligations as restrictions on earlier stock awards lapsed and shares became unrestricted.
What do the FLG Form 4 footnotes say about restricted stock units?
Footnotes state that Davis’s total holdings include service-based restricted stock units that will vest into shares of Flagstar common stock over time. They also explain that some shares previously classified as stock awards have vested and are now counted within his directly held common stock position.
When will Reginald E. Davis’s 2022 Flagstar stock award fully vest?
The remaining shares from Davis’s December 1, 2022 stock award under Flagstar’s 2016 Stock Award and Incentive Plan will vest in two approximately equal annual installments. Vesting begins on December 1, 2026, meaning the award completes over two years starting on that date.