MATV.NYSEMativ Holdings, INC

Form 4: Mativ Holdings CFO Gregory Weitzel Corrects Past Reporting Errors in SEC Form 4 Filing

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SEC Form 4

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Gregory Weitzel, CFO of Mativ Holdings, files a Form 4 to correct previous reporting errors related to Restricted Stock Units (RSUs) and shares of common stock.

Worse than expectedThe document indicates previous inaccuracies in reporting, which is worse than expected.

Summary

  • Gregory Weitzel, the CFO of Mativ Holdings, filed a Form 4 with the SEC to report changes in beneficial ownership of the company's securities.
  • The filing primarily addresses corrections to previously reported transactions involving Restricted Stock Units (RSUs) and common stock.
  • The reporting person's number of shares of common stock owned was previously overstated by 30,934 shares due to a number of RSUs that should have been reported in Table II instead of Table I on the reporting person's Form 4 documents filed on April 12, 2023 and April 30, 2024.
  • The filing details the vesting of RSUs granted on various dates, including April 14, 2022, January 26, 2022, February 16, 2023 and April 26, 2024.
  • The filing also reflects shares withheld to satisfy tax withholding obligations arising upon the vesting of RSUs.
  • The filing includes the cash settlement of vested RSUs on February 16, 2024 and 2025.
  • The filing also includes a power of attorney document, granting authority to Honor Winks, Travis Jackson, or Ricardo Nunez to act on behalf of Gregory Weitzel in matters related to SEC filings.

Sentiment

Score: 5

Explanation: The document is neutral overall. It corrects past errors, which is a negative, but also provides more accurate information, which is a positive. There is no indication of significant financial impact or strategic shifts.

Positives

  • The filing corrects previous reporting errors, providing a more accurate view of the CFO's holdings.
  • The filing provides transparency regarding the vesting and settlement of RSUs.

Negatives

  • The need for a corrected filing indicates previous inaccuracies in reporting.
  • The overstatement of common stock holdings could have misled investors.

Risks

  • Continued scrutiny of insider transactions and reporting accuracy.
  • Potential for future reporting errors or inconsistencies.

Industry Context

Form 4 filings are a standard part of regulatory compliance for corporate insiders, providing transparency into their transactions in company stock. Corrections, while not ideal, are not uncommon and highlight the importance of accurate reporting.

Comparison to Industry Standards

  • Form 4 filings are a standard regulatory requirement for all publicly traded companies in the United States.
  • Companies like International Paper, Ahlstrom-Munksjo, and Glatfelter also have similar reporting requirements for their executives.
  • The details of RSU grants and vesting schedules are company-specific and depend on their compensation policies.

Stakeholder Impact

  • Shareholders benefit from the corrected information, leading to a more accurate understanding of insider ownership.
  • The correction ensures compliance with SEC regulations.

Key Dates

DateDescription
March 28, 2023Date of Power of Attorney execution.
April 02, 2023Date of earliest transaction reported in the Form 4.
April 14, 2023Vesting date of 860 RSUs granted on April 14, 2022.
January 26, 2024Vesting date of 290 RSUs granted on January 26, 2022.
February 16, 2024Vesting date of 2,843 RSUs granted on February 16, 2023.
April 26, 2024Date the reporting person was granted 21,033 RSUs subject to time vesting.
April 14, 2024Vesting date of 861 RSUs granted on April 14, 2022.
January 26, 2025Vesting date of 294 and 2,039 RSUs granted on January 26, 2022.
February 13, 2025Vesting date of 7,011 RSUs granted on April 26, 2024.
February 16, 2025Vesting date of 2,843 RSUs granted on February 16, 2023.
March 14, 2025Date of the Form 4 filing.

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