Form 4: Ribbon Communications Executive Patrick Macken Reports Stock Transactions
SEC Form 4
EVP, CLO & Secretary of Ribbon Communications, Patrick Macken, reports the vesting and subsequent tax withholding of shares related to Restricted Stock Units (RSUs) and Performance Share Units (PSUs).
Summary
- Patrick Macken, EVP, CLO & Secretary of Ribbon Communications, filed a Form 4 detailing changes in beneficial ownership.
- On April 17, 2024, Macken vested 41,307 Restricted Stock Units (RSUs) and 26,277 Performance Share Units (PSUs), converting into common stock on a one-for-one basis.
- Also on April 17, 2024, 28,069 shares were withheld by Ribbon Communications to satisfy tax obligations at a price of $2.61 per share.
- On April 18, 2024, Macken vested 21,368 RSUs.
- Also on April 18, 2024, 9,136 shares were withheld by Ribbon Communications to satisfy tax obligations at a price of $2.57 per share.
- Following these transactions, Macken directly owns 220,984 shares of Ribbon Communications common stock.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing related to stock vesting and tax withholding, and doesn't inherently indicate positive or negative sentiment. It's a neutral event.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. They are closely watched by investors seeking insights into management's perspective on the company's stock.
Stakeholder Impact
- The vesting of RSUs and PSUs impacts the executive's ownership stake in the company.
- Tax withholding impacts the executive's net compensation.
Key Dates
| Date | Description |
|---|---|
| 04/17/2023 | Date the RSUs were granted that vested as to one-third on April 17, 2024. |
| 04/17/2023 | Date the PSUs were issued. |
| 04/17/2024 | Date of RSU and PSU vesting and tax withholding. |
| 04/18/2022 | Date the RSUs were granted that vested as to one-third on April 18, 2023. |
| 04/18/2024 | Date of RSU vesting and tax withholding. |
| 04/19/2024 | Date of report. |
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