Form 4: Core & Main Executive Forfeits Shares for Tax Obligations Following RSU Vesting

Core & Main's EVP, Jeffrey D. Giles, forfeited shares to cover tax obligations upon the vesting of restricted stock units.

Summary

• Jeffrey D. Giles, an EVP at Core & Main, forfeited a total of 1,382 shares of Class A common stock to cover tax obligations related to the vesting of restricted stock units (RSUs).
• These forfeitures occurred on March 13, 2023, and March 11, 2024, with 479 shares forfeited at $21.45 per share and 903 shares forfeited at $48.29 per share.
• The forfeitures are a result of tax withholdings required upon the vesting of RSUs granted to Mr. Giles.
• As of the filing date, Mr. Giles holds 10,233 unvested RSUs, which represent a contingent right to receive one share of Class A common stock each.
• The RSUs vest over several years, with grants from March 2022, March 2023, and March 2024 vesting in installments through March 2027.

Sentiment

Score: 7

Explanation: The document is a routine filing related to executive compensation. It doesn't indicate any positive or negative sentiment, but is a normal part of the business process.

Future Outlook

The remaining RSUs held by Mr. Giles will vest in installments through March 2027, subject to the terms of the associated Participant Restricted Stock Unit Agreement.

Industry Context

This is a standard SEC Form 4 filing, which is common for executives who receive stock-based compensation. The forfeitures are a normal part of the RSU vesting process to cover tax obligations.

Comparison to Industry Standards

• The forfeiture of shares for tax purposes upon RSU vesting is a common practice across publicly traded companies.
• Many companies use RSUs as part of their executive compensation packages, and the tax implications are typically handled through share forfeitures or sales.
• The vesting schedules described are also typical, with vesting occurring over multiple years to incentivize long-term performance.

Stakeholder Impact

• The share forfeitures have a minor dilutive effect on existing shareholders, but this is a normal part of executive compensation.

Key Dates

Keywords

Form 4, insider trading, restricted stock units, RSU, stock forfeiture, Core & Main, CNM, executive compensation, tax withholding