Form 4: Rackspace CFO Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Mark Marino, CFO of Rackspace Technology, sold shares of common stock to cover tax withholding obligations related to vesting performance stock units.
Summary
- On February 28, 2025, Mark A. Marino, the Chief Financial Officer of Rackspace Technology, Inc., sold 94,571 shares of common stock.
- The sale was executed at a weighted average price of $2.34, with individual trades ranging from $2.30 to $2.40.
- The transaction was made to cover tax withholding obligations related to the vesting of performance stock units.
- This sale was conducted under a pre-arranged Rule 10b5-1 trading plan adopted on September 12, 2023.
- Following the transaction, Marino still beneficially owns 1,995,033 shares of Rackspace Technology, Inc.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The transaction is a routine sale to cover tax obligations and doesn't necessarily reflect a positive or negative outlook on the company.
Industry Context
Sales of shares to cover tax obligations are a routine part of executive compensation and are not necessarily indicative of the executive's sentiment about the company's future prospects.
Key Dates
| Date | Description |
|---|---|
| September 12, 2023 | Date of adoption of Rule 10b5-1 trading plan |
| February 28, 2025 | Date of stock sale transaction |
| March 04, 2025 | Date of Form 4 filing |
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