Form 4: Magnite's Chief Product Officer, Adam Lee Soroca, Reports Share Forfeiture for Tax Obligations
SEC Form 4 Filing
Adam Lee Soroca, Chief Product Officer of Magnite, Inc., reports the forfeiture of 21,975 shares of common stock to cover tax withholding obligations.
Summary
- On February 15, 2025, Adam Lee Soroca, the Chief Product Officer of Magnite, Inc., forfeited 21,975 shares of common stock.
- The forfeiture was non-discretionary and mandated by Magnite to cover tax withholding obligations associated with the vesting of restricted stock units.
- Following the transaction, Soroca directly owns 473,885 shares of Magnite common stock.
Sentiment
Score: 5
Explanation: This is a neutral event related to standard tax procedures for vested stock; it doesn't inherently indicate positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates a standard process for handling tax obligations related to equity compensation.
Stakeholder Impact
- The forfeiture of shares has a minimal impact on shareholders as it is related to tax obligations of an executive.
Key Dates
| Date | Description |
|---|---|
| 02/15/2025 | Date of the transaction (share forfeiture) |
| 02/19/2025 | Date of signature for the Form 4 filing |
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