Form 4: Vertiv Holdings Executive Chairman David Cote Ceases Beneficial Ownership of 2 Million Shares
SEC Form 4 Filing
David Cote, Executive Chairman of Vertiv Holdings Co, reports ceasing beneficial ownership of 2,000,000 shares of Class A Common Stock previously held through Atlanta Sons LLC.
Summary
- David M. Cote, Executive Chairman of Vertiv Holdings Co, filed a Form 4 on July 31, 2024, reporting changes in beneficial ownership.
- The report indicates that Cote ceased to serve as manager of Atlanta Sons LLC as of July 30, 2024, and therefore no longer has beneficial ownership of 2,000,000 shares of Class A common stock previously held through the entity.
- These shares remain held by Atlanta Sons LLC.
- Cote also indirectly beneficially owns 62,258.03 shares through his spouse and 200 shares through the David M. Cote 2018 Revocable Trust.
- Cote holds a total of 497,826 stock options with various vesting schedules and exercise prices.
- No stock options were exercised, disposed of, or transacted in this Form 4.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral. It simply reports a change in beneficial ownership.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates a change in the indirect ownership structure of a significant block of shares held by the Executive Chairman.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies and their insiders, as mandated by the SEC.
- The reporting of indirect ownership through entities like Atlanta Sons LLC is common, and the disclosure of changes in these arrangements is typical.
- The stock option grants and vesting schedules are consistent with standard executive compensation practices in publicly traded companies.
Stakeholder Impact
- The change in beneficial ownership may have a minor impact on shareholders, as it reflects a change in the way David Cote holds his shares, rather than a sale or purchase of shares on the open market.
Key Dates
| Date | Description |
|---|---|
| 02/07/2020 | Grant date of 115,942 stock options, vesting in installments until February 7, 2024 |
| 02/04/2021 | Grant date of 115,942 stock options, vesting in installments until February 4, 2025 |
| 03/03/2022 | Grant date of 115,942 stock options, vesting in installments until March 3, 2026 |
| 03/07/2023 | Grant date of 100,000 stock options, vesting in installments until March 15, 2027 |
| 03/07/2024 | Grant date of 50,000 stock options, vesting in installments until March 15, 2028 |
| 07/30/2024 | Date David Cote ceased to be manager of Atlanta Sons LLC |
| 07/31/2024 | Date of Form 4 filing |
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