Form 4: Olo Inc. CFO Peter Benevides Reports Acquisition of Shares Following PSU Vesting

Olo Inc.'s Chief Financial Officer, Peter J. Benevides, reported the acquisition of 96,285 shares of Class A Common Stock following the vesting of performance-based restricted stock units (PSUs).

Summary

• Peter J. Benevides, CFO of Olo Inc., filed a Form 4 on February 29, 2024, reporting changes in beneficial ownership of Olo Inc. securities.
• On February 27, 2024, Mr. Benevides acquired 96,285 shares of Class A Common Stock.
• This acquisition resulted from the vesting of 31.25% of performance-based restricted stock units (PSUs) granted on February 24, 2023, following the Compensation Committee's certification of financial performance results for the fiscal year ended December 31, 2023.
• The remaining PSUs will vest in eleven equal quarterly installments over the next three years, contingent upon Mr. Benevides' continued service with Olo Inc.
• Following the reported transaction, Mr. Benevides beneficially owns 454,077 shares of Class A Common Stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The vesting of PSUs suggests the company met performance targets, which is a positive signal. The continued vesting schedule incentivizes the CFO, which is also a positive.

Positives

• The vesting of PSUs indicates that the company met certain financial performance targets, as certified by the Compensation Committee.
• Continued vesting of PSUs over the next three years incentivizes the CFO to remain with the company.

Future Outlook

The remaining PSUs will vest in eleven equal quarterly installments over the next three years, subject to the Reporting Person's continued services with the Issuer on each such vesting date.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The vesting of PSUs is a common form of executive compensation in the tech industry, aligning management's interests with those of shareholders.

Stakeholder Impact

• The vesting of PSUs aligns management's interests with those of shareholders, potentially leading to increased shareholder value.
• The continued vesting schedule incentivizes the CFO to remain with the company, providing stability and expertise.

Next Steps

• The remaining PSUs will vest in eleven equal quarterly installments over the next three years, subject to continued service.

Key Dates