LPL Financial (LPLA) director Schifter awarded 1,060 stock units and reports trust holdings
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
SCHIFTER RICHARD P reported acquisition or exercise transactions in this Form 4 filing.
LPL Financial Holdings Inc. director Richard P. Schifter reported new equity-based compensation and updated indirect holdings in company common stock. He received two awards totaling 1,060 stock units granted under the 2021 Omnibus Equity Incentive Plan, with each unit representing one share of common stock and granted at no cash cost.
According to the footnotes, one grant of stock units is scheduled to vest in full on May 20, 2027, while another grant is already fully vested. Both awards are subject to a deferral election under the Non-Employee Director Deferred Compensation Plan tied to the annual director retainer.
The filing also lists indirect holdings where Schifter serves as co-trustee for 11 separate grandchildren’s trusts, each showing 440 shares of common stock following the reported entries. The footnotes state that Schifter remains the beneficial owner of the securities held in these trusts.
Positive
- None.
Negative
- None.
Insider Trade Summary
13 transactions reported
Mixed
13 txns
Insider
SCHIFTER RICHARD P
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Common Stock | 712 | $0.00 | -- |
| Grant/Award | Common Stock | 348 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 38,810.572 shares (Direct, null);
Common Stock — 440 shares (Indirect, By Co-Trustee of Grandchild's Trust #1)
Footnotes (1)
- Represents stock units granted under the Issuer's 2021 Omnibus Equity Incentive Plan (the "2021 Plan"). Each stock unit represents the right to receive one share of common stock and is scheduled to vest in full on May 20, 2027. These stock units are subject to a written deferral election under the Issuer's Non-Employee Director Deferred Compensation Plan (the "DDCP") pursuant to which the reporting person elected to defer receipt of the equity portion of the annual retainer under the Issuer's Non-Employee Director Compensation Policy (the "Policy"). Represents stock units granted under the 2021 Plan. Each stock unit represents the right to receive one share of common stock and is fully vested. These stock units are subject to a written deferral election under the DDCP pursuant to which the reporting person elected to defer receipt of the cash portion of the annual retainer under the Policy. The reporting person is a co-trustee of each trust, and the sole beneficiary of each trust is a grandchild of the reporting person. The reporting person remains the beneficial owner of the securities held by such trusts.
Key Figures
Stock unit grant 1: 712 stock units
Stock unit grant 2: 348 stock units
Total reported stock units granted: 1,060 stock units
+5 more
8 metrics
Stock unit grant 1
712 stock units
Common stock units granted as director award
Stock unit grant 2
348 stock units
Additional common stock units granted as director award
Total reported stock units granted
1,060 stock units
Sum of two stock unit grants on transaction date
Trust holdings per grandchild trust
440 shares
Common stock held in each grandchildren’s trust
Number of grandchildren’s trusts
11 trusts
Indirect holdings where Schifter is co-trustee
Grant vesting date
May 20, 2027
Scheduled full vesting for one stock unit grant
Acquire transactions
2 transactions
Form 4 summary acquireCount for stock unit grants
Holding entries
11 entries
Form 4 summary of indirect trust holdings
Key Terms
stock units, 2021 Omnibus Equity Incentive Plan, Non-Employee Director Deferred Compensation Plan, Non-Employee Director Compensation Policy, +1 more
5 terms
stock units financial
"Represents stock units granted under the Issuer's 2021 Omnibus Equity Incentive Plan"
Stock units are individual pieces of ownership in a company, like slices of a pie that together make up the whole business. They matter to investors because each unit represents a claim on the company’s assets, profits and sometimes voting power, and changes in the number or value of these units affect ownership percentages, potential dividends and share dilution — all of which influence an investment’s worth.
2021 Omnibus Equity Incentive Plan financial
"Represents stock units granted under the Issuer's 2021 Omnibus Equity Incentive Plan"
Non-Employee Director Deferred Compensation Plan financial
"These stock units are subject to a written deferral election under the Issuer's Non-Employee Director Deferred Compensation Plan"
Non-Employee Director Compensation Policy financial
"the equity portion of the annual retainer under the Issuer's Non-Employee Director Compensation Policy"
beneficial owner financial
"The reporting person remains the beneficial owner of the securities held by such trusts"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
FAQ
What insider activity did LPL Financial (LPLA) report for Richard P. Schifter?
Richard P. Schifter reported receiving two equity awards totaling 1,060 stock units of LPL Financial common stock. These awards are director compensation under the company’s 2021 Omnibus Equity Incentive Plan and are recorded at a grant price of $0.00 per unit.
How many LPL Financial stock units did Richard P. Schifter acquire in this Form 4?
Richard P. Schifter acquired 712 stock units and 348 stock units of LPL Financial common stock. Each stock unit represents the right to receive one share, granted under the 2021 Omnibus Equity Incentive Plan as part of his non-employee director compensation.
When do Richard P. Schifter’s new LPL Financial stock units vest?
One grant of stock units is scheduled to vest in full on May 20, 2027. Another grant is already fully vested. Both sets of stock units are subject to Schifter’s deferral elections under LPL Financial’s Non-Employee Director Deferred Compensation Plan.
What is the role of LPL Financial’s 2021 Omnibus Equity Incentive Plan in this Form 4?
The 2021 Omnibus Equity Incentive Plan is the source of the stock unit grants reported in this Form 4. Each unit equals one share of LPL Financial common stock and is awarded as part of Schifter’s non-employee director compensation, with vesting and deferral terms described in the footnotes.
How are Richard P. Schifter’s LPL Financial holdings structured through family trusts?
The filing lists 11 grandchildren’s trusts, each showing 440 shares of LPL Financial common stock held indirectly. Schifter serves as co-trustee for these trusts, and the footnotes state he remains the beneficial owner of the securities held by each trust.
What is the Non-Employee Director Deferred Compensation Plan mentioned in the LPLA Form 4?
The Non-Employee Director Deferred Compensation Plan allows directors to defer receipt of equity or cash portions of their annual retainer. Schifter elected to defer the equity portion for one grant and the cash portion for another, so the related stock units are held under this plan.