4/A: N-able Inc. CEO John Pagliuca Amends Form 4 Filing to Correctly Report Stock Acquisitions and Holdings

John Pagliuca, President and CEO of N-able, Inc., files an amended Form 4 to correct previously reported figures regarding stock acquisitions and beneficial ownership following recent transactions.

Summary

• John Pagliuca, the President and CEO of N-able, Inc., filed an amended Form 4 with the SEC on February 28, 2025.
• This amendment corrects the original Form 4 filed on February 24, 2025, which contained inaccuracies in the reported amount of securities acquired and beneficially owned.
• The corrected filing shows that Pagliuca acquired 144,086 shares of common stock through performance stock units and 256,148 shares through restricted stock units on February 20, 2025.
• Additionally, 23,222 shares were withheld to satisfy tax obligations related to the vesting of performance stock units at a price of $9.98 per share.
• Following these transactions, Pagliuca beneficially owns 1,678,165 shares of N-able, Inc. common stock directly.
• The performance stock units vest in three equal installments on February 20, 2025, February 15, 2026, and February 15, 2027.
• The restricted stock units vest 25% on February 15, 2025, and then 6.25% per quarter over the following twelve quarters.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a correction of a previous filing, which is not inherently positive or negative, but the fact that a correction was needed is slightly negative.

Negatives

• The original Form 4 filing contained errors, necessitating an amendment.

Future Outlook

The document outlines the vesting schedule for performance and restricted stock units, indicating future dates when the reporting person will receive additional shares, subject to continued service.

Industry Context

Form 4 filings are standard practice for company insiders to report transactions in their company's stock, providing transparency to investors. Amendments indicate a correction to previously reported information, which can sometimes raise concerns about internal controls.

Comparison to Industry Standards

• Stock-based compensation is a common practice in the technology industry, including companies like N-able, to incentivize executives and align their interests with shareholders.
• Vesting schedules for restricted stock units and performance stock units are typical, often spanning several years to encourage long-term commitment.
• The specific vesting terms (e.g., quarterly vesting after an initial cliff) are within the range of industry norms.
• Comparable companies in the software and IT services space, such as SolarWinds or Datto (prior to its acquisition), also utilize equity-based compensation plans.

Stakeholder Impact

• Shareholders are provided with corrected information regarding insider stock ownership.
• The correction ensures transparency in executive compensation and alignment with company performance.

Key Dates