Form 4: PubMatic CFO Steven Pantelick Reports Stock Sales and RSU Vesting
SEC Form 4 Filing
Steven Pantelick, CFO of PubMatic, Inc., reported the vesting of restricted stock units and subsequent sales of Class A Common Stock to cover tax obligations.
Summary
- On July 1, 2024, Steven Pantelick, CFO of PubMatic, Inc., had restricted stock units (RSUs) vest, resulting in the acquisition of 23,557 Class A Common Stock shares.
- Following the vesting, Pantelick sold shares of Class A Common Stock on July 2, 2024, for an average price of $20.4143, disposing of 12,570 shares.
- Additional shares were sold on July 3, 2024, at an average price of $20.6396, with 7,846 shares disposed of.
- These sales were executed to cover tax withholding obligations related to the vesting of the RSUs and were conducted under a pre-arranged Rule 10b5-1 trading plan adopted on March 1, 2023.
- After these transactions, Pantelick directly owns 22,506 shares of Class A Common Stock and holds 125,371 derivative securities in the form of RSUs.
Sentiment
Score: 6
Explanation: The document reflects routine executive stock transactions related to RSU vesting and tax obligations. The use of a 10b5-1 plan suggests a pre-planned approach, which is generally viewed neutrally.
Industry Context
Executive stock sales are a common occurrence, particularly after vesting events. The use of a 10b5-1 trading plan suggests a pre-planned and orderly approach to these transactions, mitigating concerns about insider trading.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units (RSUs) that vest over time, aligning executive interests with long-term shareholder value.
- Selling shares to cover tax obligations upon vesting is a standard practice among executives in publicly traded companies.
- The use of Rule 10b5-1 trading plans is a common method for executives to sell shares without raising concerns about insider trading, similar to practices seen at companies like The Trade Desk and Magnite.
Stakeholder Impact
- The stock sales could have a minor, temporary impact on the stock price.
- The transactions are part of the executive's compensation and do not indicate any fundamental change in the company's operations or outlook.
Key Dates
| Date | Description |
|---|---|
| 2022/04/01 | RSUs vested as to 1/16th of the total shares. |
| 2023/03/01 | Reporting Person adopted a Rule 10b5-1 trading plan. |
| 2023/04/01 | RSUs vested as to 1/16th of the total shares. |
| 2024/04/01 | RSUs vested as to 1/16th of the total shares. |
| 2024/07/01 | RSUs vested, resulting in the acquisition of 23,557 Class A Common Stock shares. |
| 2024/07/02 | 12,570 shares of Class A Common Stock were sold at an average price of $20.4143. |
| 2024/07/03 | 7,846 shares of Class A Common Stock were sold at an average price of $20.6396. |
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