Form 4: PubMatic Executive Andrew Woods Reports Stock Sales to Cover Tax Obligations
SEC Form 4 Filing
Andrew Woods, General Counsel & Secretary of PubMatic, Inc., reported the sale of shares to cover tax withholding obligations related to the vesting of restricted stock units.
Summary
- Andrew Woods, General Counsel & Secretary of PubMatic, Inc., filed a Form 4 detailing changes in beneficial ownership.
- On October 1, 2024, Woods acquired 8,686 shares of Class A Common Stock and disposed of 8,686 shares through the vesting of Restricted Stock Units (RSUs).
- Woods sold 3,076 shares on October 2, 2024, at a weighted average price of $14.5244 per share.
- He also sold 2,805 shares on October 3, 2024, at a weighted average price of $14.3115 per share.
- These sales were executed to cover tax withholding obligations associated with the vesting of RSUs.
- The sales reported on October 3, 2024, were effected pursuant to a Rule 10b5-1 trading plan adopted on June 4, 2024.
- Following these transactions, Woods directly owns 29,544 shares of Class A Common Stock.
- Woods also holds 44,158 Restricted Stock Units.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing stock sales for tax purposes. It doesn't inherently convey positive or negative sentiment.
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 pre-planned and orderly approach to these transactions.
Comparison to Industry Standards
- Executive compensation practices, including the use of RSUs, are standard across publicly traded companies, particularly in the tech sector.
- Companies like Google (Alphabet), Meta, and Amazon also utilize RSUs as part of their compensation packages.
- The vesting schedules and tax implications are generally similar across these companies.
- The use of Rule 10b5-1 trading plans is a common practice among executives to avoid accusations of insider trading.
Stakeholder Impact
- The stock sales could have a minor impact on shareholders due to the increased supply of shares in the market.
- However, the sales are for tax obligations and are not indicative of a change in the executive's confidence in the company.
Key Dates
| Date | Description |
|---|---|
| April 1, 2023 | 1/16th of certain RSUs vested, with 1/16th vesting quarterly thereafter. |
| April 1, 2024 | 1/16th of certain RSUs vested, with 1/16th vesting quarterly thereafter. |
| June 4, 2024 | Date of adoption of Rule 10b5-1 trading plan. |
| October 1, 2023 | 1/4 of certain RSUs vested, with 1/16th vesting quarterly thereafter. |
| October 1, 2024 | Acquisition and disposal of shares through RSU vesting. |
| October 2, 2024 | Sale of 3,076 shares at a weighted average price of $14.5244. |
| October 3, 2024 | Sale of 2,805 shares at a weighted average price of $14.3115; Form 4 filing date. |
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