Form 4: Altair Engineering Executive Marraccini Sells Shares to Cover Tax Obligations and Exercises Stock Options
SEC Form 4 Filing
Jeffrey Marraccini, Chief Information Security Officer of Altair Engineering, sold shares to cover tax obligations and exercised stock options, resulting in changes to his beneficial ownership.
Summary
- On May 13, 2024, Jeffrey Marraccini sold 43 shares of Class A Common Stock at $85.77 per share to satisfy tax withholding obligations related to vesting restricted stock units.
- On May 14, 2024, Marraccini exercised stock options to acquire 12,000 shares of Class A Common Stock at an exercise price of $52.03.
- Also on May 14, 2024, Marraccini sold 12,000 shares of Class A Common Stock at a weighted average price of $85.7364 per share, with prices ranging from $85.50 to $86.075.
- Following these transactions, Marraccini's direct ownership includes 4,597 shares of Class A Common Stock, which includes 2,825 unvested restricted stock units.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing stock transactions by an executive. It doesn't inherently convey positive or negative sentiment about the company's performance or outlook.
Industry Context
Executive stock transactions are a common occurrence in publicly traded companies. This filing provides transparency into the trading activities of Altair Engineering's executives, which can be monitored by investors for insights into management's perspective on the company's value and future prospects.
Comparison to Industry Standards
- Executive compensation packages often include stock options and restricted stock units to align management's interests with those of shareholders.
- Sales of shares to cover tax obligations upon vesting of restricted stock units are a standard practice among executives.
- The exercise of stock options and subsequent sale of shares is a common way for executives to realize the value of their equity compensation.
Stakeholder Impact
- Shareholders may monitor these transactions for insights into management's views on the company's stock value.
- The transactions themselves are unlikely to have a significant impact on other stakeholders.
Key Dates
| Date | Description |
|---|---|
| 12/02/2022 | Options vested in 2 equal annual installments commencing on this date. |
| 05/13/2024 | Sale of 43 shares of Class A Common Stock. |
| 05/14/2024 | Exercise of stock options for 12,000 shares and sale of 12,000 shares of Class A Common Stock. |
| 12/02/2030 | Expiration date of the stock options. |
| 05/15/2024 | Date of Raoul Maitra's signature as attorney-in-fact for Jeffrey Marraccini. |
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