Form 4: Magnite CEO Michael Barrett Sells 100,000 Shares Under 10b5-1 Plan

Magnite CEO Michael Barrett sold 100,000 shares of company stock at an average price of $16.14, while also forfeiting 9,638 shares to cover tax obligations.

Summary

• Magnite CEO Michael Barrett executed a sale of 100,000 shares of common stock on November 15, 2024, at an average price of $16.14.
• The sale was conducted under a pre-arranged Rule 10b5-1 trading plan adopted on March 2, 2023.
• Additionally, 9,638 shares were forfeited to cover tax withholding obligations related to the vesting of restricted stock units.
• Following these transactions, Barrett's direct ownership of Magnite common stock decreased to 809,914 shares.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction under a pre-existing trading plan, with no indication of positive or negative sentiment.

Industry Context

This is a routine filing related to insider trading activity. It is common for executives to use 10b5-1 plans to sell shares to avoid accusations of insider trading.

Comparison to Industry Standards

• Rule 10b5-1 trading plans are a common practice among executives at publicly traded companies, including those in the technology and advertising sectors, such as The Trade Desk (TTD) and PubMatic (PUBM).
• These plans allow executives to sell shares at predetermined times and prices, mitigating the risk of insider trading allegations.
• The size of the transaction is not unusual for a CEO of a company of Magnite's size.

Stakeholder Impact

• The sale of shares by the CEO may have a minor impact on shareholder sentiment, but is unlikely to cause a significant change in the share price due to the pre-arranged nature of the transaction.

Key Dates

Keywords

Magnite, MGNI, Michael Barrett, stock sale, Rule 10b5-1, insider trading, executive compensation, share forfeiture