Form 4: Mativ Holdings CHRO Michael Rickheim Resigns, Forfeits Significant Equity Awards
Insider Transaction Report
Mativ Holdings, Inc. announced the resignation of its Chief Human Resources and Communications Officer, Michael W. Rickheim, effective June 1, 2025, leading to the vesting of some restricted stock units and the forfeiture of a substantial portion of unvested equity awards.
Summary
- Michael W. Rickheim resigned as Mativ Holdings, Inc.'s Chief Human Resources and Communications Officer, effective June 1, 2025.
- Following his resignation, various Restricted Stock Units (RSUs) vested and settled in cash or shares on June 3, 2025.
- A total of 1,736 RSUs from a February 16, 2023 grant vested, with 538 unvested RSUs forfeited.
- From an April 26, 2024 grant of 16,605 RSUs, 4,792 vested, while 6,278 unvested RSUs were forfeited.
- From a performance and time-based RSU grant on April 26, 2024 (target 24,908 RSUs), 11,321 RSUs vested.
- From a performance and time-based RSU grant on March 19, 2025 (target 35,563 RSUs), 2,403 RSUs vested.
- From a time-vesting RSU grant on March 19, 2025 (23,708 RSUs), 1,602 RSUs vested, and a significant 22,106 unvested RSUs were forfeited.
- Shares were withheld at a price of $5.72 per share to satisfy tax withholding obligations upon the vesting of RSUs.
- The reporting person's direct beneficial ownership of common stock decreased from 80,127 shares to 65,763 shares after all reported transactions.
Sentiment
Score: 4
Explanation: The document reports the resignation of a key executive and the forfeiture of a substantial amount of unvested equity, which is generally a negative signal for the company's stability and the executive's long-term commitment. However, some RSUs did vest, providing a partial positive for the individual.
Positives
- Michael W. Rickheim received cash settlement for vested Restricted Stock Units (RSUs) totaling 1,736 units from a February 2023 grant and 4,792 units from an April 2024 grant.
- An additional 11,321 performance and time-based RSUs from an April 2024 grant and 2,403 performance and time-based RSUs from a March 2025 grant vested.
Negatives
- Michael W. Rickheim resigned from his position as Chief Human Resources and Communications Officer, effective June 1, 2025.
- A significant number of unvested Restricted Stock Units (RSUs) were forfeited due to the resignation, including 538 units from a February 2023 grant, 6,278 units from an April 2024 grant, and 22,106 units from a March 2025 grant.
- The forfeiture of 22,106 RSUs from the March 2025 grant represents a substantial loss of potential future equity for the reporting person.
Future Outlook
NA
Industry Context
NA
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Chief Human Resources and Communications Officer | Michael W. Rickheim | N/A (not specified in document) | 2025-06-01 | Resignation |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Power of Attorney Grant | Michael W. Rickheim granted power of attorney to Greg Weitzel, Mark W. Johnson, and Brian Park to prepare, execute, deliver, and file SEC Forms 3, 4, or 5 on his behalf for transactions in Mativ Holdings, Inc. equity securities. | 2025-04-14 | Streamlines the process for filing required insider trading reports for the named individual. |
Stakeholder Impact
- Shareholders: The resignation of a CHRO could raise questions about leadership stability and human capital strategy. The forfeiture of equity by a departing executive might be viewed neutrally or slightly negatively, depending on the context of the departure.
- Employees: The departure of the CHRO could impact employee relations, HR policies, and overall company culture, especially if the transition is not managed smoothly.
Key Dates
| Date | Description |
|---|---|
| 2023-02-16 | Grant date for 6,822 Restricted Stock Units (RSUs) subject to time vesting. |
| 2024-02-16 | First annual vesting installment for RSUs granted on February 16, 2023. |
| 2024-04-26 | Grant date for 16,605 Restricted Stock Units (RSUs) subject to time vesting. |
| 2024-04-26 | Grant date for a target of 24,908 performance and time-based Restricted Stock Units (RSUs). |
| 2025-02-13 | First annual vesting installment for RSUs granted on April 26, 2024. |
| 2025-03-19 | Grant date for a target of 35,563 performance and time-based Restricted Stock Units (RSUs). |
| 2025-03-19 | Grant date for 23,708 Restricted Stock Units (RSUs) subject to time vesting. |
| 2025-04-14 | Date Power of Attorney was signed by Michael W. Rickheim. |
| 2025-06-01 | Effective date of Michael W. Rickheim's resignation as Chief Human Resources and Communications Officer. |
| 2025-06-03 | Date of earliest transaction reported, including RSU vesting, settlement, and forfeiture events. |
| 2025-06-05 | Date the Form 4 was signed by the attorney-in-fact. |
| 2026-03-19 | First annual vesting installment for RSUs granted on March 19, 2025. |
| 2028-02-06 | Expiration date of Notary Public commission for Honor Winks. |
Recommendation
holdKeywords
Mativ Holdings, MATV, SEC Form 4, insider trading, beneficial ownership, restricted stock units, RSU, executive compensation, CHRO, resignation, equity awards, stock forfeiture
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