Form 4: Construction Partners Inc. Executive Surrenders Shares to Cover Tax Obligations
SEC Form 4 Filing
Robert P. Flowers, Senior Vice President of Construction Partners, Inc., surrendered 799 shares of Class A common stock to cover tax withholding obligations related to vesting restricted shares.
Summary
- On October 1, 2024, Robert P. Flowers, a Senior Vice President at Construction Partners, Inc., surrendered 799 shares of Class A common stock to the company.
- This transaction was to satisfy tax withholding obligations upon the vesting of restricted shares previously awarded under the company's 2018 Equity Incentive Plan.
- The value of the shares surrendered was determined to be $69.80 per share, based on the closing price of Class A common stock on September 30, 2024.
- Following the transaction, Flowers beneficially owns 67,916 shares of Class A common stock, including 29,889 restricted shares that will vest over the next three years.
- Flowers also holds 5,990 shares of Class B common stock and 1,379 restricted stock units, each representing the right to receive cash equal to the value of one Class A common stock share on the vesting date.
Sentiment
Score: 5
Explanation: The document describes a routine transaction related to executive compensation and tax obligations, with no indication of positive or negative sentiment.
Industry Context
This is a routine transaction related to executive compensation and tax obligations, common in publicly traded companies.
Key Dates
| Date | Description |
|---|---|
| 2018 | Construction Partners, Inc. 2018 Equity Incentive Plan was established. |
| September 30, 2024 | Closing price of Class A common stock used to determine the value of shares surrendered ($69.80). |
| October 01, 2024 | Date of the transaction where Robert P. Flowers surrendered shares. |
| October 03, 2024 | Date of signature on the Form 4 filing. |
| September 30, 2025 | Vesting date for 27,766 restricted shares of Class A common stock. |
| September 30, 2026 | Vesting date for 1,664 restricted shares of Class A common stock. |
| September 30, 2027 | Vesting date for 460 restricted shares of Class A common stock. |
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