Fortune Brands (FBIN) EVP reports 1,065-share tax-withholding disposition
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Fortune Brands Innovations, Inc. executive Matthew Edward Novak, EVP and Chief Supply Chain, reported a tax-related share disposition. The issuer withheld 1,065 shares of common stock at $52.37 per share to cover withholding taxes due on vested awards. After this transaction, he directly holds 10,850 shares, which include 8,453 restricted stock units that have not yet vested.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
Novak Matthew Edward
Role
EVP, Chief Supply Chain
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Tax Withholding | Common Stock, Par Value $0.01 | 1,065 | $52.37 | $56K |
Holdings After Transaction:
Common Stock, Par Value $0.01 — 10,850 shares (Direct)
Footnotes (1)
- Reflects the withholding by the issuer of shares having a fair market value equal to the withholding taxes payable by the undersigned following the vesting and settlement of awards, such transaction being exempt under Rule 16b-3(e). Includes a total of 8,453 restricted stock units that have not yet vested.
FAQ
What did Fortune Brands (FBIN) executive Matthew Novak report in this Form 4?
Matthew Edward Novak reported a tax-withholding disposition of 1,065 shares of Fortune Brands common stock. The issuer withheld these shares following the vesting and settlement of awards to cover applicable withholding taxes under Rule 16b-3(e).
Is the Form 4 transaction by Fortune Brands (FBIN) EVP Novak an open-market sale?
No, the transaction is not an open-market sale. It reflects the issuer’s withholding of shares equal to the tax liability upon vesting of awards, a tax-withholding disposition that is exempt under SEC Rule 16b-3(e).
What are the unvested restricted stock units reported for Fortune Brands (FBIN) EVP Novak?
Novak’s holdings include 8,453 restricted stock units that have not yet vested. These units represent contingent rights to receive Fortune Brands common stock in the future, subject to vesting conditions specified in the underlying equity award agreements.
What SEC rule applies to this Fortune Brands (FBIN) tax-withholding transaction?
The tax-withholding disposition is described as exempt under SEC Rule 16b-3(e). This rule generally covers transactions where an issuer withholds securities to satisfy tax liabilities arising from the vesting or exercise of equity awards granted to insiders.