Form 4: Granite Construction CEO Kyle Larkin Reports Changes in Beneficial Ownership
SEC Form 4 Filing
CEO Kyle Larkin reports stock unit grants, vesting, and shares surrendered for taxes related to Granite Construction's equity incentive plan.
Summary
- Kyle Larkin, CEO of Granite Construction, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On March 14, 2024, Larkin acquired 14,695 shares of common stock and 81,657 stock units under the company's 2021 Equity Incentive Plan.
- He also surrendered 1,898, 3,289, and 2,933 shares to cover taxes due to vesting of stock units granted on June 2, 2021, March 14, 2022, and March 14, 2023, respectively, at a price of $54.44 per share.
- Following these transactions, Larkin directly owns 169,513 shares of common stock and 87,856 shares of common stock.
- The stock units granted vest in installments or fully ten days after the grant date.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment.
Positives
- The granting of stock units aligns the CEO's interests with those of the shareholders.
- Dividend equivalents are being reinvested, increasing the CEO's holdings.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates ongoing participation in the company's equity incentive plans by the CEO.
Stakeholder Impact
- The transactions reflect the CEO's ongoing investment in the company, which can be viewed positively by shareholders.
- The vesting of stock units and subsequent tax payments have no immediate impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 06/02/2021 | Initial grant date for some of the stock units that vested on March 14, 2024 |
| 03/14/2022 | Initial grant date for some of the stock units that vested on March 14, 2024 |
| 07/14/2023 | Date of dividend equivalents (DEUs) credited to the Reporting Person |
| 10/13/2023 | Date of dividend equivalents (DEUs) credited to the Reporting Person |
| 01/12/2024 | Date of dividend equivalents (DEUs) credited to the Reporting Person |
| 03/14/2024 | Date of transaction: stock units acquired, shares surrendered for taxes. |
| 03/15/2024 | Date of signature for the Form 4 filing. |
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