Form 4: Magnite CEO Michael Barrett Reports Stock Transactions
SEC Form 4 Filing
Magnite CEO Michael Barrett reports the vesting and subsequent sale of shares to cover tax obligations related to performance stock units (PSUs).
Summary
- On February 5, 2025, Magnite CEO Michael Barrett reported transactions involving the company's common stock.
- Barrett vested 108,360 shares of common stock related to performance stock units (PSUs) under the company's equity incentive plan.
- These PSUs vested based on Magnite's total stockholder return (TSR) relative to the Russell 2000 index over a three-year period, achieving 124.83% of the target.
- To cover tax withholding obligations associated with the vesting, Barrett forfeited 55,675 shares at a price of $17.97 per share.
- Following these transactions, Barrett directly owns 769,716 shares of Magnite common stock.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The vesting of PSUs suggests the company met some performance targets. The sale of shares for tax purposes is a normal occurrence.
Positives
- The vesting of PSUs indicates that Magnite achieved a significant portion (124.83%) of its performance goals related to total stockholder return compared to the Russell 2000 index.
Negatives
- The forfeiture of 55,675 shares to cover tax obligations reduces Barrett's overall holdings, although this is a standard practice.
Future Outlook
There is no specific future outlook provided in this document.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It reflects the alignment of executive incentives with company performance, as the vesting of PSUs is tied to Magnite's TSR relative to the Russell 2000 index.
Stakeholder Impact
- The vesting of PSUs and subsequent transactions may have a minor impact on shareholders, reflecting executive compensation and alignment with company performance.
Key Dates
| Date | Description |
|---|---|
| 02/01/2022 | Start date for the three-year period used to determine PSU vesting based on TSR. |
| 02/03/2022 | Date of previous Form 4 filing, reflecting the target number of PSUs initially subject to the award. |
| 02/05/2025 | Date of the reported transactions: PSU vesting and share forfeiture for tax obligations. |
| 02/07/2025 | Date of signature for the Form 4 filing. |
Keywords
Magnite, Michael Barrett, stock, PSU, performance stock units, Form 4, vesting, TSR, Russell 2000, equity incentive plan
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