Form 4: Magnite's Chief Product Officer, Adam Lee Soroca, Reports Stock Transactions
SEC Form 4
Adam Lee Soroca, Chief Product Officer of Magnite, Inc., reports the disposition of shares to cover tax obligations and sales under a pre-arranged trading plan.
Summary
- On May 15, 2024, Adam Lee Soroca, Chief Product Officer of Magnite, Inc., forfeited 8,762 shares of common stock at a price of $9.8 to cover tax withholding obligations associated with the vesting of restricted stock units.
- On May 16, 2024, Soroca sold 23,453 shares of common stock at a price of $12.
- Following these transactions, Soroca beneficially owns 461,252 shares of Magnite, Inc.
- The sale on May 16, 2024, was executed under a Rule 10b5-1 trading plan adopted on December 14, 2023.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing primarily reports routine stock transactions related to tax obligations and a pre-arranged trading plan.
Industry Context
Executive stock transactions are a common occurrence in publicly traded companies and are often scrutinized by investors for insights into management's perspective on the company's future performance.
Key Dates
| Date | Description |
|---|---|
| 12/14/2023 | Date of adoption of Rule 10b5-1 trading plan |
| 05/15/2024 | Date of forfeiture of shares for tax obligations |
| 05/16/2024 | Date of stock sale under Rule 10b5-1 trading plan |
| 05/17/2024 | Date of signature on the Form 4 filing |
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