Form 4: PubMatic CFO Steven Pantelick Sells Shares to Cover Tax Obligations

PubMatic's CFO, Steven Pantelick, sold shares of Class A Common Stock to cover tax withholding obligations related to the vesting of restricted stock units.

Summary

• Steven Pantelick, the CFO of PubMatic, Inc., reported transactions involving the company's Class A Common Stock.
• On October 1, 2024, Pantelick acquired 23,558 shares through the vesting of restricted stock units (RSUs).
• He then sold 11,841 shares on October 2, 2024, at a price of $14.5244 per share and 12,831 shares on October 3, 2024, at a weighted average price of $14.3107 per share.
• These sales were primarily to cover tax withholding obligations associated with the vesting of the RSUs.
• Pantelick still owns 22,506 shares of Class A Common Stock after the reported transactions.
• The sales on October 3, 2024, were executed under a pre-arranged Rule 10b5-1 trading plan adopted on May 9, 2024.

Sentiment

Score: 6

Explanation: The document is neutral. It simply reports transactions related to stock sales for tax obligations, which is a routine event. The use of a 10b5-1 plan adds a layer of transparency.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating transparency and pre-planning.

Industry Context

Executive stock sales are a common occurrence, particularly to cover tax obligations related to equity compensation. The use of a 10b5-1 trading plan suggests a structured and compliant approach to these transactions.

Comparison to Industry Standards

• Comparing Pantelick's transactions to those of CFOs at similar ad-tech companies like Magnite (MGNI) or Criteo (CRTO) would provide context on the scale and frequency of such sales.
• Analyzing the percentage of total holdings sold and the timing relative to earnings announcements would further refine the comparison.
• Reviewing the 10b5-1 trading plans of executives at these comparable companies could reveal similarities or differences in their approach to managing equity compensation.

Stakeholder Impact

• The stock sales could have a minor impact on shareholders due to the increased supply of shares in the market, but the effect is likely minimal given the relatively small volume and the pre-planned nature of the sales.
• Employees may be interested in the transactions as they relate to the company's equity compensation practices.

Key Dates