Form 4: Newpark Resources CEO Matthew Lanigan Reports Stock Transactions
SEC Form 4 Filing
Matthew Lanigan, President & CEO of Newpark Resources, reports the vesting and conversion of restricted stock units into common stock, along with shares withheld for tax obligations.
Summary
- On June 1, 2024, Matthew Lanigan, the President & CEO of Newpark Resources, engaged in transactions involving restricted stock units and common stock.
- Lanigan converted 37,090, 108,651, and 100,189 restricted stock units into common stock at a price of $0.0 per share.
- Shares were also withheld to satisfy tax obligations, with 39,424, 42,754, and 14,594 shares withheld at a price of $8.48.
- Following these transactions, Lanigan directly owns 758,599 shares of Newpark Resources common stock and 342,360 restricted stock units.
Sentiment
Score: 6
Explanation: The document reflects standard executive compensation practices. It is neither overwhelmingly positive nor negative, but rather a routine disclosure.
Positives
- The vesting of restricted stock units indicates a positive performance milestone for the executive.
- The increase in direct ownership of common stock aligns the executive's interests with those of the shareholders.
Industry Context
This is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units that vest over time, aligning executive interests with long-term shareholder value.
- Tax withholding practices on vesting shares are standard procedure across publicly traded companies.
- Similar transactions are regularly reported by executives at companies like Halliburton, Schlumberger, and Baker Hughes.
Stakeholder Impact
- The transactions have a minor impact on shareholders, primarily through the potential dilution from the issuance of new shares upon conversion of restricted stock units.
- The transactions reflect the compensation structure for the CEO, which is of interest to shareholders.
Key Dates
| Date | Description |
|---|---|
| 06/01/2024 | Date of earliest transaction: conversion of restricted stock units and tax withholding. |
| 06/04/2024 | Date of signature on the Form 4 filing. |
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