Form 4: Core & Main CFO Witkowski Reports Share Forfeitures for Tax Withholding
SEC Form 4 Filing
Core & Main's Chief Financial Officer, Mark R. Witkowski, reported the forfeiture of shares for tax withholding purposes related to the vesting of restricted stock units.
Summary
- This document is a Form 4 filing, reporting changes in beneficial ownership for Mark R. Witkowski, the Chief Financial Officer of Core & Main, Inc.
- The filing details the forfeiture of Class A common stock shares to cover tax obligations upon the vesting of restricted stock units (RSUs).
- On March 13, 2023, 1,054 shares were forfeited at a price of $21.45 per share.
- On March 11, 2024, 999 shares were forfeited at a price of $48.29 per share.
- Also on March 11, 2024, 929 shares were forfeited at a price of $48.29 per share.
- These forfeitures are related to the vesting of RSUs granted to Mr. Witkowski.
- As of the filing date, Mr. Witkowski holds 20,916 shares of Class A common stock directly.
- He also has 14,307 unvested RSUs, each representing a contingent right to receive one share of Class A common stock.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing detailing share forfeitures for tax purposes, which is a neutral event. The sentiment is therefore neutral to slightly positive as it shows the executive is receiving compensation.
Industry Context
Form 4 filings are standard practice for company insiders and are a regular part of the financial reporting landscape.
Comparison to Industry Standards
- Share forfeitures for tax purposes are a common occurrence when restricted stock units vest for executives in publicly traded companies.
- The vesting schedules and forfeiture mechanisms described are typical for RSU grants.
Stakeholder Impact
- The share forfeitures have a minimal impact on shareholders as they are related to tax obligations on vesting RSUs and do not represent a sale of shares by the executive.
Key Dates
| Date | Description |
|---|---|
| 03/13/2023 | Date of first reported share forfeiture for tax withholding. |
| 03/11/2024 | Date of subsequent share forfeitures for tax withholding. |
| 01/17/2025 | Date of signature on the form. |
| 03/11/2025 | Vesting date for a portion of the RSUs granted on March 11, 2022. |
| 03/10/2025 | First vesting date for RSUs granted on March 10, 2023. |
| 03/10/2026 | Second vesting date for RSUs granted on March 10, 2023. |
| 03/07/2025 | First vesting date for RSUs granted on March 7, 2024. |
| 03/07/2026 | Second vesting date for RSUs granted on March 7, 2024. |
| 03/07/2027 | Third vesting date for RSUs granted on March 7, 2024. |
Keywords
Form 4, Beneficial Ownership, Restricted Stock Units, RSU, Share Forfeiture, Tax Withholding, Core & Main, CNM, CFO, Mark Witkowski
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