Form 4: Driven Brands SVP Michael Beland Reports Changes in Beneficial Ownership

Michael Beland, SVP & Chief Accounting Officer of Driven Brands Holdings Inc., reports changes in beneficial ownership of common stock due to vesting of performance stock units and restricted stock units, with associated tax withholding.

Summary

• On March 6, 2024, Michael Beland acquired 1,729 shares of Driven Brands Holdings Inc. common stock at a price of $14.26 per share due to the vesting and settlement of performance stock units (PSUs) granted on July 13, 2021.
• On the same date, 593 shares were automatically withheld by the issuer to satisfy Mr. Beland's tax obligations related to the PSU vesting, also at $14.26 per share.
• On March 22, 2024, an additional 238 shares were withheld to cover tax obligations associated with the vesting of restricted stock units granted on March 22, 2022, at a price of $15.31 per share.
• Following these transactions, Mr. Beland directly owns 10,795 shares of Driven Brands Holdings Inc. common stock.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing stock transactions, with no inherent positive or negative sentiment. The late filing is a minor negative.

Industry Context

This Form 4 filing is a routine disclosure related to executive compensation and equity awards, common in publicly traded companies. It provides transparency into the holdings and transactions of company insiders.

Stakeholder Impact

• The transactions have a minimal impact on shareholders, reflecting routine executive compensation adjustments.

Key Dates