Form 4: Magnite CEO Michael Barrett Reports Stock Transactions

Magnite CEO Michael Barrett reports the forfeiture of shares to cover tax obligations and the sale of shares under a pre-arranged trading plan.

Summary

• On August 15, 2024, Magnite CEO Michael G. Barrett reported transactions involving the company's common stock.
• 32,941 shares were forfeited to cover tax withholding obligations related to the vesting of restricted stock units at a price of $12.51.
• Additionally, 75,000 shares were sold at a weighted average price of $12.63, executed under a Rule 10b5-1 trading plan adopted on March 2, 2023.
• Following these transactions, Barrett beneficially owns 944,552 shares of Magnite common stock.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing stock transactions. The transactions themselves don't necessarily indicate positive or negative sentiment, as the sale was pre-planned and the forfeiture was for tax purposes.

Industry Context

Executive stock transactions are common and closely monitored, providing insights into management's perspective on the company's valuation and future prospects. The use of a 10b5-1 plan indicates a pre-arranged strategy to avoid accusations of insider trading.

Stakeholder Impact

• The stock sale could have a minor impact on shareholders due to the increased supply of shares, but the pre-planned nature of the sale mitigates concerns about insider information.

Key Dates