4/A: PubMatic CFO Steven Pantelick Amends SEC Filing to Correct Share Sales and Conversions

Steven Pantelick, CFO of PubMatic, Inc., filed an amended SEC Form 4 to correct the number of shares sold on October 3, 2024, and to include the conversion of Class B Common Stock to Class A Common Stock.

Summary

• Steven Pantelick, the CFO of PubMatic, Inc., filed an amendment to a previous Form 4 filing with the SEC.
• The amendment corrects the number of shares sold on October 3, 2024.
• It also includes the conversion of 4,000 shares of Class B Common Stock to Class A Common Stock on the same date.
• The original filing was made on October 3, 2024, and the amended filing was submitted on October 7, 2024.
• Pantelick sold 11,841 shares on October 2, 2024, at a weighted average price of $14.5244.
• He also sold 16,831 shares on October 3, 2024, at a weighted average price of $14.3203, pursuant to a Rule 10b5-1 trading plan.
• These sales were primarily to cover tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs).
• Following these transactions, Pantelick directly owns 22,506 shares of Class A Common Stock.
• He also indirectly owns shares through PSLT DE LLC (41,536 shares) and SMP DE LLC (115,000 shares).
• Pantelick also holds a significant number of Restricted Stock Units (RSUs) that will vest over time.

Sentiment

Score: 6

Explanation: The document is neutral in sentiment. It primarily reports factual information about stock transactions. The amendment suggests a minor correction, but overall, it's a routine filing.

Positives

• The reporting person is fulfilling tax obligations related to vested stock, which is a normal part of executive compensation.
• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating they were planned in advance and not based on insider information.

Negatives

• The amended filing indicates an error in the initial reporting of share sales, which could raise minor concerns about reporting accuracy.

Risks

• Executive stock sales, even for tax purposes, can sometimes be perceived negatively by the market if they are large or frequent.
• Fluctuations in the stock price could impact the value of the remaining shares and RSUs held by the reporting person.

Future Outlook

The document does not contain specific forward-looking statements about the company's future performance, but it does detail the ongoing vesting schedule of restricted stock units.

Industry Context

This filing is a routine disclosure related to executive compensation and stock transactions, common in publicly traded companies. It doesn't necessarily reflect broader industry trends but provides transparency into executive holdings and transactions.

Comparison to Industry Standards

• Executive compensation practices, including the use of RSUs and 10b5-1 trading plans, are standard across the tech industry.
• Companies like Google (Alphabet), Meta (Facebook), and Amazon also utilize similar compensation structures for their executives.
• The vesting schedules and trading plans are designed to align executive interests with long-term shareholder value while providing liquidity and managing tax obligations.

Stakeholder Impact

• The stock sales could have a minor impact on shareholders if they perceive it as a lack of confidence by the CFO, although the 10b5-1 plan mitigates this concern.
• Employees holding RSUs may be interested in the vesting schedules and stock prices.

Key Dates