Form 4: Marqeta's Chief Revenue Officer, Todd Pollak, Reports Stock Transactions
SEC Form 4 Filing
Chief Revenue Officer of Marqeta, Todd Pollak, reports transactions involving Class A Common Stock and Restricted Stock Units, including acquisitions and disposals to cover tax obligations.
Summary
- Todd Pollak, Chief Revenue Officer of Marqeta, Inc., filed a Form 4 detailing changes in beneficial ownership.
- On June 3, 2024, Pollak engaged in multiple transactions involving Class A Common Stock and Restricted Stock Units (RSUs).
- These transactions included the vesting of RSUs and the subsequent withholding of shares to cover tax obligations.
- Specifically, 50,367, 15,836, and 32,251 RSUs vested, converting into Class A Common Stock.
- Shares were withheld at a price of $5.44 to satisfy tax obligations, resulting in the disposal of 21,154, 5,651, and 11,973 shares respectively.
- Following these transactions, Pollak directly owns 248,502 shares of Class A Common Stock and holds derivative securities including 354,764 Restricted Stock Units.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about insider trading activity.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors to gauge management's sentiment and alignment with shareholder interests.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies like Marqeta, similar to filings made by executives at companies like Block (formerly Square), PayPal, and Adyen.
- The vesting schedules and tax withholding practices are also common across the industry, ensuring compliance with regulations and aligning executive compensation with company performance.
Stakeholder Impact
- Shareholders can use this information to understand executive compensation and alignment with company performance.
- The transactions have a minor impact on the overall shareholding structure.
Key Dates
| Date | Description |
|---|---|
| 12/01/2023 | One-fourth of 50,367 restricted stock units vested. |
| 03/01/2024 | One-third of 15,836 restricted stock units vested. |
| 06/03/2024 | Date of earliest transaction: vesting of RSUs and tax withholding. |
| 06/01/2024 | One-twelfth of 32,251 restricted stock units vested. |
| 06/05/2024 | Date of signature for the Form 4 filing. |
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