Form 4: PC Connection Inc. CEO Timothy McGrath Reports Stock Transactions
SEC Form 4
Timothy McGrath, President & CEO of PC Connection Inc., reports the vesting of restricted stock units and subsequent disposition of shares to cover tax obligations.
Summary
- On April 1, 2024, Timothy McGrath, the President & CEO of PC Connection Inc. (CNXN), had 10,000 restricted stock units vest, converting into common stock on a one-for-one basis.
- Also on April 1, 2024, McGrath disposed of 3,680 shares of common stock at a price of $65.53 to satisfy tax obligations related to the vesting of the restricted stock units.
- Following these transactions, McGrath directly owns 293,068 shares of PC Connection Inc. common stock and 30,000 restricted stock units.
Sentiment
Score: 6
Explanation: The sentiment is neutral as it reflects routine stock transactions related to executive compensation. There are no indications of significant positive or negative developments.
Positives
- The vesting of restricted stock units indicates a continued alignment of the CEO's interests with those of the shareholders.
Negatives
- The disposition of shares to cover tax obligations, while common, slightly reduces the CEO's direct holdings in the company.
Future Outlook
The remaining restricted stock units are scheduled to vest in increments of 10,000 shares each year on April 1 through 2027.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they reflect routine executive compensation adjustments.
Key Dates
| Date | Description |
|---|---|
| February 13, 2018 | Restricted stock units were granted under the PC Connection, Inc. Amended and Restated 2007 Stock Incentive Plan. |
| April 1, 2024 | 10,000 restricted stock units vested and 3,680 shares were disposed of to cover tax obligations. |
| April 1, 2024 through 2027 | 10,000 shares are scheduled to vest each year on April 1 through 2027. |
| 04/02/2024 | Date of signature for the Form 4 filing. |
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