Daktronics (DAKT) VP Kurtenbach reports 23,362-share stock gift and updated holdings
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Daktronics VP of Manufacturing Matthew J. Kurtenbach reported receiving a gift of 23,362 shares of Daktronics common stock. The shares were received from a Grantor Retained Annuity Trust, with 11,681 shares having a cost basis of $1.27 per share and 11,681 shares having a cost basis of $0.02 per share. After this transaction, he directly held 335,264.7 shares of common stock and also had indirect holdings of 5,000 shares through a trust and 21,000 shares as custodian for three Uniform Transfers to Minors Act accounts for his children. He disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
23,362 shares gifted
Mixed
3 txns
Insider
Kurtenbach Matthew John
Role
VP of Manufacturing
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Gift | Common Stock | 23,362 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 335,264.7 shares (Direct);
Common Stock — 5,000 shares (Indirect, By Trust)
Footnotes (1)
- Gift received from Grantor Retained Annuity Trust. 11,681 shares had a cost basis of $1.27 per share, and the remaining 11,681 shares had a cost basis of $0.02 per share. For purposes of Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16"), the Reporting Person disclaims beneficial ownership of any securities reported in this filing, except to the extent of his pecuniary interest therein, if any, and this Amendment shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise. As a trustee of a trust formed for the benefit of a child of the Reporting Person (the "Trust"), the Reporting Person may be deemed to exercise voting and investment power over the shares of common stock of Daktronics, Inc. ("Common Stock") held by the Trust. Represents securities held in 3 separate custodial accounts under the Uniform Transfers to Minors Act (the "UTMA"). The Reporting Person is the custodian of the UTMA accounts held for the benefit of his children.
FAQ
What insider transaction did Daktronics (DAKT) report for Matthew J. Kurtenbach?
Daktronics reported that VP of Manufacturing Matthew J. Kurtenbach received a gift of 23,362 common shares. The shares came from a Grantor Retained Annuity Trust and were recorded at $0 per share in the Form 4 transaction table.
What does the UTMA disclosure mean in the Daktronics (DAKT) Form 4?
The Form 4 states that 21,000 Daktronics shares are held in three UTMA custodial accounts for Kurtenbach’s children. He is the custodian of these accounts, so the shares are reported as indirectly owned for Section 16 reporting purposes.
Does Matthew J. Kurtenbach claim full beneficial ownership of all reported Daktronics (DAKT) shares?
No. The filing states he disclaims beneficial ownership of any securities reported, except to the extent of his pecuniary interest. This disclaimer applies to trust and UTMA holdings under Section 16 of the Exchange Act.