Form 4: PubMatic CFO Steven Pantelick Converts Class B Shares and Sells Class A Stock Under 10b5-1 Plan

PubMatic's Chief Financial Officer, Steven Pantelick, converted 4,000 Class B shares to Class A and subsequently sold 4,000 Class A common shares for a weighted average price of $12.0657 under a pre-arranged trading plan.

Summary

• Steven Pantelick, Chief Financial Officer of PubMatic, Inc. (PUBM), reported transactions on June 3, 2025.
• He converted 4,000 shares of Class B Common Stock into 4,000 shares of Class A Common Stock.
• Subsequently, he sold 4,000 shares of Class A Common Stock at a weighted average price of $12.0657 per share.
• The sales occurred within a price range of $11.83 to $12.19 per share.
• These transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on May 9, 2024.
• Following these transactions, Mr. Pantelick directly owns 27,026 shares of Class A Common Stock.
• He also directly owns 301,488 shares of Class B Common Stock and indirectly owns 73,464 shares (by spouse), 41,536 shares (by PSLT DE LLC), and 115,000 shares (by SMP DE LLC) of Class B Common Stock.

Sentiment

Score: 5

Explanation: A neutral score is assigned as this is a routine insider transaction report. While an insider sale might be viewed slightly negatively, the execution under a 10b5-1 plan mitigates concerns about opportunistic selling based on non-public information.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, indicating a pre-scheduled transaction rather than a reaction to immediate market conditions or non-public information.

Negatives

• An insider sale, even if pre-planned, can sometimes be perceived negatively by the market as it reduces management's direct equity stake in the company.

Future Outlook

This Form 4 filing does not contain forward-looking statements or guidance regarding the company's future performance or outlook, as it is a report of insider transactions.

Industry Context

This filing is specific to an insider transaction at PubMatic and does not provide broader industry context or trends. Insider sales are common and can occur for various personal financial planning reasons, especially when executed under a Rule 10b5-1 plan.

Comparison to Industry Standards

• As a Form 4 filing, this document reports an individual insider transaction and does not contain information for comparison to industry-wide financial or operational benchmarks.
• Insider trading activity is common across all industries, and Rule 10b5-1 plans are a standard mechanism for insiders to sell shares in a compliant manner.

Related Party Transactions

• The reporting person's children are beneficiaries of PSLT DE LLC, and his spouse and children are beneficiaries of SMP DE LLC, both entities indirectly holding Class B Common Stock.

Stakeholder Impact

• Shareholders: The sale of shares by a key executive could be interpreted differently by investors; however, the 10b5-1 plan suggests a pre-planned financial decision rather than a reaction to company performance.
• Employees, customers, suppliers, and creditors are not directly impacted by this specific insider transaction report.

Key Dates

Recommendation

Keywords

PubMatic, PUBM, Steven Pantelick, CFO, Form 4, Insider Trading, Stock Sale, 10b5-1 Plan, Class A Common Stock, Class B Common Stock, Beneficial Ownership