Form 4: Topgolf Callaway Brands CEO Artie Starrs Reports Stock Transactions

Artie Starrs, CEO of Topgolf Callaway Brands Corp., reports the vesting and subsequent tax withholding of shares related to performance and restricted stock units.

Summary

• On April 5, 2024, Artie Starrs, CEO of Topgolf Callaway Brands Corp., reported transactions involving common stock related to the vesting of Restricted Stock Units (RSUs) and Performance Stock Units (PSUs).
• A total of 25,781 RSUs granted on April 5, 2021, vested, converting into common stock on a one-for-one basis.
• Additionally, 28,360 PSUs, 7,374 rTSR PSUs and 99,261 PSUs originally granted on April 5, 2021, vested due to the achievement of certain performance criteria.
• The company withheld 10,146, 11,160, 2,902 and 39,060 shares of common stock at a price of $16.45 to satisfy tax withholding requirements related to the vesting of the RSUs and PSUs.
• Following these transactions, Starrs directly owns 182,123 shares of Topgolf Callaway Brands Corp. common stock.

Sentiment

Score: 6

Explanation: The document itself is neutral, reporting routine stock transactions. The vesting of PSUs suggests the company met performance targets, which is mildly positive.

Positives

• The vesting of PSUs indicates that the company achieved certain performance criteria, which is a positive sign.

Industry Context

Executive stock transactions are a common occurrence in publicly traded companies and are closely watched by investors for insights into management's confidence in the company's future prospects.

Comparison to Industry Standards

• Executive compensation packages often include a mix of salary, bonus, stock options, and restricted stock units.
• The vesting schedules and performance criteria for stock units vary widely across companies and industries.
• Tax withholding practices related to stock vesting are standard procedure for publicly traded companies.

Stakeholder Impact

• The vesting of stock units and subsequent tax withholding may have a minor impact on the company's outstanding share count.
• The vesting of PSUs, contingent on performance, aligns management's interests with those of shareholders.

Key Dates