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

Mark Penn, CEO of Stagwell Inc., reports the withholding of shares to cover tax obligations and indirect ownership through The Stagwell Group LLC.

Summary

• On February 23, 2024, Mark Penn, the CEO of Stagwell Inc., reported changes in his beneficial ownership of the company's stock.
• 70,024 Class A Common Stock shares were withheld by the issuer to satisfy tax obligations related to the vesting of restricted stock at a price of $6.9.
• Following the transaction, Penn directly owns 2,470,469 shares of Class A Common Stock.
• Penn also indirectly owns 130,000 shares through The Stagwell Group LLC.
• Penn disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, indicating a neutral sentiment.

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 reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Stakeholder Impact

• The transaction provides transparency to shareholders regarding insider stock ownership.

Key Dates