Form 4: Construction Partners, Inc. Executive Surrenders Shares to Cover Tax Obligations
SEC Form 4 Filing
Todd Keith Andrews, Chief Accounting Officer of Construction Partners, Inc., surrendered 4,379 shares of Class A common stock to cover tax obligations upon the vesting of restricted shares.
Summary
- On October 1, 2024, Todd Keith Andrews, the Chief Accounting Officer of Construction Partners, Inc., filed a Form 4 indicating changes in beneficial ownership.
- Andrews surrendered 4,379 shares of Class A common stock to the Issuer to satisfy tax withholding obligations related to the vesting of restricted shares.
- The price per share used for this transaction was $69.80, based on the closing price on September 30, 2024.
- Following the transaction, Andrews beneficially owns 21,850 shares of Class A common stock, including 10,542 restricted shares that will vest over the next three years.
- Andrews also holds 858 restricted stock units, each representing the right to receive cash equal to the value of one share of Class A common stock on the vesting date.
Sentiment
Score: 5
Explanation: This is a neutral event, reflecting a standard tax obligation fulfillment by an executive. It doesn't inherently signal positive or negative sentiment regarding the company's performance.
Industry Context
Form 4 filings are a routine part of executive compensation and are required by the SEC to provide transparency into insider transactions. This filing indicates a standard practice of executives surrendering shares to cover tax obligations upon vesting of equity awards.
Key Dates
| Date | Description |
|---|---|
| September 30, 2024 | Closing price of Class A common stock used to determine the value of shares surrendered for tax withholding. |
| October 1, 2024 | Date of the transaction where Andrews surrendered shares. |
| October 3, 2024 | Date of signature on the Form 4 filing. |
| September 30, 2025 | Vesting date for 9,220 restricted shares and a portion of the restricted stock units. |
| September 30, 2026 | Vesting date for 1,036 restricted shares and a portion of the restricted stock units. |
| September 30, 2027 | Vesting date for 286 restricted shares and a portion of the restricted stock units. |
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