Form 4: Stagwell CEO Mark Penn Reports Changes in Beneficial Ownership

Mark Penn, CEO of Stagwell Inc., reports a transaction involving Class A Common Stock due to tax withholding requirements.

Summary

• On March 31, 2024, Mark Penn, the CEO of Stagwell Inc., had 162,122 Class A Common Stock shares withheld by the issuer to cover tax obligations related to the vesting of restricted stock at a price of $6.22 per share.
• Following this transaction, Penn directly owns 2,528,838 shares of Class A Common Stock.
• Penn also indirectly owns 130,000 shares through The Stagwell Group LLC, where he is the controlling person, but he disclaims beneficial ownership except to the extent of his pecuniary interest.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing, indicating a neutral sentiment. The transaction is related to tax obligations, which is a normal part of executive compensation.

Management Comments

• The Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Industry Context

Form 4 filings are standard practice for company insiders to report changes in their ownership of company stock, ensuring transparency and compliance with securities regulations.

Stakeholder Impact

• The transaction has a minimal impact on shareholders as it is related to tax withholding and does not represent a significant change in the CEO's overall holdings.

Key Dates