Form 4: Potbelly Corp CEO Robert Wright Reports Stock Transactions
SEC Form 4 Filing
Robert D. Wright, President and CEO of Potbelly Corp, reports the withholding of shares for tax liabilities upon vesting of restricted stock units.
Summary
- On March 31, 2024, Robert D. Wright, the President and CEO of Potbelly Corp, reported transactions involving common stock.
- A total of 1,004 shares were withheld to cover tax liabilities related to restricted stock units granted on January 6, 2023, at a price of $12.11 per share.
- Additionally, 537 shares were withheld for tax liabilities upon vesting of restricted stock units granted on January 3, 2024, also at $12.11 per share.
- Following these transactions, Wright directly owns 726,504 shares of Potbelly Corp common stock.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing related to stock transactions for tax purposes, and does not indicate any significant positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates routine tax-related stock withholding.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units (RSUs) that vest over time.
- The withholding of shares to cover tax liabilities upon vesting is a standard practice across publicly traded companies.
- Similar filings are common for executives at companies like McDonald's (MCD), Starbucks (SBUX), and Chipotle (CMG) when they receive and vest equity grants.
Stakeholder Impact
- The transactions have a minimal direct impact on shareholders, as they relate to tax obligations of the CEO.
- The filing provides transparency to stakeholders regarding executive compensation and stock ownership.
Key Dates
| Date | Description |
|---|---|
| 01/06/2023 | Date of grant for restricted stock units related to the withholding of 1,004 shares. |
| 01/03/2024 | Date of grant for restricted stock units related to the withholding of 537 shares. |
| 03/31/2024 | Date of the reported transactions (stock withholding for tax liabilities). |
| 04/01/2024 | Date of signature for the Form 4 filing. |
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