Form 4: Smart Sand CEO Charles Edwin Young Reports Share Transactions
SEC Form 4 Filing
Charles Edwin Young, CEO of Smart Sand, Inc., reports acquisition and disposal of company shares related to a performance award and tax withholding.
Summary
- On March 12, 2024, Smart Sand CEO Charles Edwin Young reported acquiring 30,916 shares of common stock related to a ROIC-based performance award granted on July 30, 2021.
- The performance metric was based on relative Return on Invested Capital (ROIC) from January 1, 2021, through December 31, 2023.
- Young also reported disposing of 7,390 shares on the same day to cover tax obligations at a price of $1.94 per share.
- Following these transactions, Young directly owns 1,173,128 shares and indirectly owns 5,842,700 shares through Keystone Cranberry, LLC.
- Young holds 67% of the membership interests in Keystone and has sole voting and investment power over the shares held by Keystone.
Sentiment
Score: 6
Explanation: Neutral sentiment as the document primarily reports transactions related to compensation and tax obligations. The vesting of performance shares is a positive sign, but the tax-related disposal is a neutral event.
Positives
- The vesting of performance-based shares suggests the achievement of certain financial goals related to Return on Invested Capital (ROIC) during the performance period.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Stakeholder Impact
- The vesting of performance shares aligns management's interests with those of shareholders by incentivizing performance based on ROIC.
Key Dates
| Date | Description |
|---|---|
| July 30, 2021 | Original grant date of ROIC-based performance award shares. |
| January 1, 2021 | Start date of the ROIC performance period. |
| December 31, 2023 | End date of the ROIC performance period. |
| March 12, 2024 | Date of share acquisition and disposal. |
| March 14, 2024 | Date of signature of the report. |
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