Form 4: TPG Inc. COO Anilu Vazquez-Ubarri Reports Stock Transactions
SEC Form 4
Anilu Vazquez-Ubarri, Chief Operating Officer of TPG Inc., reports the vesting of performance stock units and related tax withholding, as well as the allocation of additional TPG Partner Holdings units.
Summary
- Anilu Vazquez-Ubarri, the Chief Operating Officer of TPG Inc., filed a Form 4 detailing changes in beneficial ownership.
- On March 22, 2024, 84,745 performance stock units (PSUs) vested due to the achievement of a performance milestone.
- These PSUs were granted on January 13, 2022, and represent a contingent right to receive one share of Class A common stock each.
- On April 1, 2024, 10,738 shares of Class A common stock were withheld to cover the tax liability from the PSU settlement at a price of $44.75.
- Also on April 1, 2024, 778 additional units of TPG Partner Holdings, L.P. were allocated to Vazquez-Ubarri due to forfeiture by a former partner.
- Vazquez-Ubarri now beneficially owns 407,718 shares of Class A Common Stock and 1,575,656 TPG Partner Holdings, L.P. Units.
- TPH Units are exchangeable for cash or Class A common stock on a one-for-one basis.
Sentiment
Score: 7
Explanation: The document reflects standard insider transactions related to compensation and partnership agreements, suggesting a neutral to slightly positive outlook as performance milestones are being met.
Positives
- The vesting of performance stock units indicates that TPG Inc. achieved a performance milestone, specifically the 1.5x measure of $44.25.
- The allocation of additional TPG Partner Holdings, L.P. units increases the reporting person's stake in the company.
Future Outlook
25% of the PSUs will service-vest on each of January 13, 2025, 2026 and 2027. 50% of the PSUs performance-vest on each of the first day following the date on which the 30-day volume weighted average trading price of a share of Class A common stock equals or exceeds $44.25 (the '1.5x measure') and (y) $59.00 (the '2.0x measure').
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to the market.
Stakeholder Impact
- Shareholders may view the vesting of performance stock units positively, as it indicates the achievement of performance goals.
- The transactions have a minor impact on the overall share structure.
Key Dates
| Date | Description |
|---|---|
| 2021-12-30 | Date of power of attorney filed with the Commission. |
| 2022-01-13 | Date performance stock units (PSUs) were granted to the Reporting Person at the time of the initial public offering of TPG Inc. |
| 2023-11-02 | Date of Amended and Restated Exchange Agreement filed by the Issuer with the Securities and Exchange Commission. |
| 2024-01-13 | 25% of the PSUs service-vested. |
| 2024-03-22 | 84,745 PSUs performance vested upon the achievement of the 1.5x measure. |
| 2024-04-01 | 10,738 shares of Class A common stock were withheld for payment of tax liability; 778 additional units of TPG Partner Holdings, L.P. were allocated. |
| 2024-04-03 | Date of signature on the Form 4. |
| 2025-01-13 | 25% of the PSUs will service-vest. |
| 2026-01-13 | 25% of the PSUs will service-vest. |
| 2027-01-13 | 25% of the PSUs will service-vest. |
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