Form 4: Pinterest's Chief Technology Officer Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Matthew Madrigal, Pinterest's Chief Technology Officer, reports changes in beneficial ownership of Class A Common Stock due to vesting of performance-based restricted stock units and tax withholding.
Summary
- On March 1, 2025, Matthew Madrigal, the Chief Technology Officer of Pinterest, reported changes in his beneficial ownership of Pinterest's Class A Common Stock.
- These changes are due to the vesting of performance-based restricted stock units (PSUs) granted on August 12, 2024, and the withholding of shares to cover income tax obligations.
- 6,635 shares were acquired upon the vesting of PSUs, with the vesting contingent on the achievement of pre-established financial goals for fiscal year 2024, as determined by the Compensation Committee.
- The Compensation Committee determined that 141% of the PSUs granted were earned and vested.
- 3,343 shares were withheld by Pinterest to satisfy income tax obligations related to the vesting and settlement of the PSUs at a price of $36.98 per share.
- Following these transactions, Madrigal directly owns 383,875 shares of Class A Common Stock, which includes restricted stock units subject to vesting requirements.
Sentiment
Score: 6
Explanation: Neutral sentiment as the document primarily reports routine transactions related to executive compensation. The vesting of PSUs is a positive sign, but the tax withholding is a standard procedure.
Positives
- The vesting of performance-based restricted stock units indicates that the company achieved certain financial goals set by the Compensation Committee for fiscal year 2024.
- The vesting of 141% of the PSUs suggests that the company exceeded its financial goals.
Industry Context
This is a standard SEC Form 4 filing, which is a routine part of corporate governance and transparency, providing insight into the transactions of company insiders.
Stakeholder Impact
- Shareholders may view the vesting of PSUs as a positive indicator of the company's performance in achieving its financial goals.
Key Dates
| Date | Description |
|---|---|
| 08/12/2024 | Date of grant for performance-based restricted stock units (PSUs). |
| 03/01/2025 | Date of transaction: vesting of PSUs and tax withholding. |
| 03/04/2025 | Date of signature for the Form 4 filing. |
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