Galtman Michael D 4/A
4/A · CHESAPEAKE UTILITIES CORP · Filed May 15, 2026
Research Summary
AI-generated summary of this filing
Chesapeake Utilities (CPK) Michael Galtman Withholds 973 Shares for Taxes
What Happened
Michael D. Galtman, Senior Vice President and Chief Transformation Officer of Chesapeake Utilities (CPK), had 973 shares of company stock disposed to satisfy tax withholding tied to a performance share award. The 973 shares were valued at $135.05 each for a total of $131,404. This action was part of the settlement of a 2,866-share performance award.
Key Details
- Transaction date: 2026-02-24; price used for withholding: $135.05 per share.
- Shares disposed (used to cover taxes): 973; total value ≈ $131,404.
- Award details (footnote): 2,866 total performance shares earned; 1,893 shares were issued to Galtman, 0 deferred stock units, and 973 shares were used to satisfy tax liability (1,893 + 0 + 973 = 2,866).
- Filing: Amended Form 4 filed 2026-05-15 reporting the Feb 24 transaction (the amended filing date is significantly later than the transaction date).
- Shares owned after the transaction: not specified in this filing.
Context
This is a tax-withholding disposal (transaction code F) tied to a performance share award — effectively a cashless cover of the tax obligation, not a market sale indicating a directional bet. Such withholdings are routine when equity awards vest and do not by themselves indicate insider sentiment. The late amended filing reduces timeliness of disclosure; investors who track insider activity should note the reporting lag.
Insider Transaction Report
- Tax Payment
Common Stock
[F1]2026-02-24$135.05/sh−973$131,404→ 4,419 total
- 204(indirect: By 401(k))
Common Stock
Footnotes (1)
- [F1]As reported on February 26, 2026, 2,866 shares of common stock were earned pursuant to a performance share agreement in place with the reporting individual. Accordingly, 1,893 shares were issued to the reporting individual, 0 deferred stock units were granted and 973 shares of Chesapeake Utilities common stock were utilized to satisfy the tax liability associated with the incentive award (1,893 shares issued to the reporting individual + 0 deferred stock units +973 shares to cover the tax liability = 2,866 total shares comprising the incentive award).