Form 4: Core & Main CFO Witkowski Exchanges and Sells Shares Under 10b5-1 Plan
SEC Form 4 Filing
Core & Main's CFO, Mark Witkowski, executed transactions involving Class A and Class B common stock, including an exchange and sale of 50,000 shares under a pre-arranged 10b5-1 trading plan.
Summary
- On April 8, 2024, Mark Witkowski, CFO of Core & Main, engaged in transactions involving the company's stock.
- Witkowski exchanged 50,000 shares of Class B common stock and limited partnership interests for 50,000 shares of Class A common stock.
- Simultaneously, 50,000 vested common units held by Witkowski were redeemed for 50,000 Paired Interests.
- Witkowski also sold 50,000 shares of Class A common stock at a weighted average price of $58.5146 per share.
- These sales were executed under a Rule 10b5-1 trading plan adopted on December 20, 2023.
- Following these transactions, Witkowski directly owns 23,898 shares of Class A common stock (including restricted stock units) and indirectly owns 866,250 shares through Management Feeder, LLC.
- He also directly owns 50,000 shares of Class B common stock and limited partnership interests.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing insider transactions, which is neutral in sentiment. The use of a 10b5-1 plan suggests pre-planned transactions, reducing potential negative interpretations.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The use of a 10b5-1 trading plan indicates that the sales were pre-planned and not based on any inside information at the time of the transactions.
Comparison to Industry Standards
- Monitoring insider transactions is a standard practice in financial analysis.
- Comparing Witkowski's transactions to those of other CFOs in similar companies (e.g., Ferguson plc, Watsco Inc.) could provide insights into executive compensation and stock ownership trends.
- The use of 10b5-1 plans is common among corporate executives to avoid accusations of insider trading.
Stakeholder Impact
- Shareholders may be interested in the trading activity of company executives.
- The transactions themselves are unlikely to have a significant impact on the company's operations or financial performance.
Key Dates
| Date | Description |
|---|---|
| 2021-07-22 | Date of the Exchange Agreement and LLC Agreement. |
| 2022-03-11 | Date of RSU grant, vesting on March 11, 2025. |
| 2023-03-10 | Date of RSU grant, vesting in two equal installments on March 10, 2025 and March 10, 2026. |
| 2023-12-20 | Date Witkowski adopted the Rule 10b5-1 trading plan. |
| 2024-03-07 | Date of RSU grant, vesting in three equal installments on March 7, 2025, March 7, 2026 and March 7, 2027. |
| 2024-04-08 | Date of the Class B to Class A stock exchange and sale of Class A shares. |
| 2024-04-10 | Date of signature on the Form 4 filing. |
| 2025-03-07 | First vesting date of RSU grant on March 7, 2024. |
| 2025-03-10 | First vesting date of RSU grant on March 10, 2023. |
| 2025-03-11 | Vesting date of RSU grant on March 11, 2022. |
| 2026-03-07 | Second vesting date of RSU grant on March 7, 2024. |
| 2026-03-10 | Second vesting date of RSU grant on March 10, 2023. |
| 2027-03-07 | Third vesting date of RSU grant on March 7, 2024. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.