Form 4: Core & Main Executive John Weldon Stephens Reports Share Forfeitures for Tax Withholding
SEC Form 4 Filing
Core & Main's Chief Accounting Officer, John Weldon Stephens, forfeited shares to cover tax obligations related to vesting restricted stock units.
Summary
- John Weldon Stephens, Chief Accounting Officer at Core & Main, Inc., reported the forfeiture of Class A common stock to cover tax obligations.
- These forfeitures occurred on March 13, 2023, and March 11, 2024, with prices of $21.45 and $48.29 per share respectively.
- The forfeitures are related to the vesting of restricted stock units (RSUs) previously granted to Mr. Stephens.
- As of the report date, Mr. Stephens holds 3,679 shares of Class A common stock after the reported transactions.
- The report also details the vesting schedule for the remaining unvested RSUs, which are subject to the terms of the associated Participant Restricted Stock Unit Agreement.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing and does not contain any information that would be considered positive or negative for the company's outlook. It is a neutral event.
Future Outlook
The document outlines the vesting schedule for remaining restricted stock units, indicating future potential share issuances.
Industry Context
This is a standard SEC Form 4 filing, which is common for publicly traded companies when executives have transactions involving company stock. It is a routine disclosure and does not indicate any unusual activity.
Comparison to Industry Standards
- Form 4 filings are a standard practice for all publicly traded companies in the US, and this filing is consistent with those requirements.
- The vesting schedules and tax withholding practices are common for executive compensation packages in similar companies.
- Companies like Ferguson PLC and Watsco Inc. also have executives who regularly file Form 4s for similar transactions.
Stakeholder Impact
- The share forfeitures have a minor dilutive effect on existing shareholders, but this is a standard part of executive compensation.
- The vesting of RSUs will result in the issuance of new shares over time.
Key Dates
| Date | Description |
|---|---|
| 03/13/2023 | Date of first reported share forfeiture for tax withholding at $21.45 per share. |
| 03/11/2024 | Date of subsequent share forfeitures for tax withholding at $48.29 per share. |
| 03/11/2025 | First vesting date for a portion of the RSUs granted on March 11, 2022. |
| 03/10/2025 | First vesting date for a portion of the RSUs granted on March 10, 2023. |
| 03/10/2026 | Second vesting date for a portion of the RSUs granted on March 10, 2023. |
| 03/07/2025 | First vesting date for a portion of the RSUs granted on March 7, 2024. |
| 03/07/2026 | Second vesting date for a portion of the RSUs granted on March 7, 2024. |
| 03/07/2027 | Third vesting date for a portion of the RSUs granted on March 7, 2024. |
| 01/17/2025 | Date of signature on the Form 4 filing. |
Keywords
Form 4, Core & Main, John Weldon Stephens, restricted stock units, RSUs, share forfeiture, tax withholding, insider trading
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