Form 4: Tile Shop Holdings CFO Reports Forfeiture of Shares and Tax Withholding

Mark Burton Davis, CFO of Tile Shop Holdings, reports the forfeiture of unvested restricted stock and shares withheld for tax obligations.

Summary

• On May 13, 2025, Mark Burton Davis, the Senior VP, CFO, and Secretary of Tile Shop Holdings, reported changes in his beneficial ownership of the company's stock.
• He forfeited 1,478 shares of unvested performance-based restricted stock because the applicable performance targets were not achieved.
• Additionally, 296 shares were disposed of to satisfy tax withholding obligations related to the vesting of a prior restricted stock grant at a price of $6.26 per share.
• Following these transactions, Davis beneficially owns 127,815 shares of Tile Shop Holdings stock.
• He also holds options to buy 5,400 shares at an exercise price of $8.5, which are fully exercisable as of November 6, 2027.

Sentiment

Score: 5

Explanation: The document is neutral in tone, simply reporting transactions. The forfeiture of shares is a negative, but tax withholding is a normal occurrence.

Negatives

• The forfeiture of 1,478 shares indicates that performance targets were not met, which could be a concern for investors.

Risks

• Failure to meet performance targets could lead to further forfeitures of performance-based restricted stock in the future.
• Tax obligations related to vesting shares can reduce the number of shares beneficially owned.

Future Outlook

The document does not contain specific forward-looking statements, but it does mention future vesting dates for restricted stock and the expiration date for stock options.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The forfeiture of shares due to unmet performance targets may be of interest to investors monitoring the company's performance.

Stakeholder Impact

• Shareholders may be concerned about the unmet performance targets that led to the forfeiture of shares.
• The transactions have a minimal impact on other stakeholders.

Key Dates

Keywords

Tile Shop Holdings, TTSH, Mark Burton Davis, CFO, Form 4, Beneficial Ownership, Restricted Stock, Stock Options, Forfeiture, Tax Withholding