Form 4: UniFirst Executive VP Michael Croatti Reports Stock Transaction
SEC Form 4 Filing
Executive VP of Operations at UniFirst Corporation, Michael A. Croatti, reports the withholding of shares to cover tax obligations and discloses remaining restricted stock units.
Summary
- On October 31, 2024, Michael A. Croatti, Executive VP of Operations at UniFirst Corporation, reported a transaction involving UniFirst common stock.
- 531 shares were withheld by UniFirst to cover tax obligations related to the vesting of restricted stock units at a price of $179.81.
- Following the transaction, Croatti directly owns 5,216 shares and indirectly owns 810 shares through a 401(k) plan.
- The reported holdings include 234 restricted stock units vesting on October 31, 2025, 448 units vesting in two annual installments on October 31, 2025 and October 31, 2026, 827 units vesting in three annual installments from October 31, 2025 to October 31, 2027, and 1,278 units vesting in four annual installments from October 31, 2025 to October 31, 2028.
- Andrea Ballute, Attorney-in-Fact, signed the report on November 4, 2024.
- A power of attorney document was also filed, granting certain individuals the authority to act on behalf of Michael Croatti in matters related to SEC filings.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, and the transaction is related to tax obligations on vested stock. Therefore, the sentiment is neutral.
Future Outlook
The document details the vesting schedule for restricted stock units through October 31, 2028.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units that vest over time, aligning executive interests with long-term shareholder value.
- Tax withholding practices related to vesting equity are standard across publicly traded companies.
- Companies like Cintas (CTAS) and Aramark (ARMK), which operate in similar industries, also regularly disclose executive stock transactions via Form 4 filings.
Stakeholder Impact
- The transaction has a minimal direct impact on stakeholders, as it is a routine part of executive compensation.
- Shareholders may be interested in tracking executive stock ownership as an indicator of management's alignment with company performance.
Key Dates
| Date | Description |
|---|---|
| 2024-08-21 | Date of Power of Attorney execution. |
| 2024-10-31 | Date of stock transaction. |
| 2024-10-31 | First vesting date of restricted stock units. |
| 2025-10-31 | Vesting date of 234 restricted stock units. |
| 2025-10-31 | Vesting date of 448 restricted stock units (first installment). |
| 2026-10-31 | Vesting date of 448 restricted stock units (second installment). |
| 2025-10-31 | Vesting date of 827 restricted stock units (first installment). |
| 2026-10-31 | Vesting date of 827 restricted stock units (second installment). |
| 2027-10-31 | Vesting date of 827 restricted stock units (third installment). |
| 2025-10-31 | Vesting date of 1,278 restricted stock units (first installment). |
| 2026-10-31 | Vesting date of 1,278 restricted stock units (second installment). |
| 2027-10-31 | Vesting date of 1,278 restricted stock units (third installment). |
| 2028-10-31 | Vesting date of 1,278 restricted stock units (fourth installment). |
| 2024-11-04 | Date of Form 4 signature. |
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