Matrix Service GC reports 20,547-share stake
Matrix Service Co’s VP & General Counsel reports existing cash-settled RSUs and 20,547 directly held common shares in an initial Form 3.
Rhea-AI Filing Summary
MATRIX SERVICE CO (MTRX) reported an initial ownership filing for officer David (James) Miller, VP & General Counsel, detailing his equity-linked compensation and share holdings. The filing lists multiple service-based Cash-Settled Restricted Stock Unit awards, each economically equivalent to one share of Matrix Service Company Common Stock but settled solely in cash when vested.
These RSU awards cover underlying 967, 4,739, 5,106, and 6,426 shares of common stock, with vesting in four equal annual installments over periods running from August 30, 2023 through August 30, 2026, August 29, 2024 through August 29, 2027, August 27, 2025 through August 27, 2028, and August 27, 2026 through August 27, 2029, respectively. The filing also reports direct ownership of 20,547 shares of common stock. No purchases or sales are reported in this Form 3; it is a statement of existing positions.
Positive
- None.
Negative
- None.
Insider Trade Summary
5 transactions reported
Mixed
5 txns
Insider
MILLER DAVID (JAMES)
Role
VP & General Counsel
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Restricted Stock Units F2, F1 | -- | -- | -- |
| holding | Restricted Stock Units F2, F3 | -- | -- | -- |
| holding | Restricted Stock Units F2, F4 | -- | -- | -- |
| holding | Restricted Stock Units F2, F5 | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Units — 17,238 contracts (Direct);
Common Stock — 20,547 shares (Direct)
Footnotes (5)
- F1. For this service-based award of Cash-Settled Restricted Stock Units, 25% will vest each year from August 30, 2023 to August 30, 2026.
- F2. Each Restricted Stock Unit is the economic equivalent of one share of Matrix Service Company Common Stock. All Restricted Stock Units are settled solely in Cash when vested.
- F3. For this service-based award of Cash-Settled Restricted Stock Units, 25% will vest each year from August 29, 2024 to August 29, 2027.
- F4. For this service-based award of Cash-Settled Restricted Stock Units, 25% will vest each year from August 27, 2025 to August 27, 2028.
- F5. For this service-based award of Cash-Settled Restricted Stock Units, 25% will vest each year from August 27, 2026 to August 27, 2029.
Key Figures
Directly held common shares: 20,547 shares
RSU underlying shares (award expiring 2026-08-30): 967 shares
RSU underlying shares (award expiring 2027-08-29): 4,739 shares
+3 more
6 metrics
Directly held common shares
20,547 shares
Direct ownership of Matrix Service Company common stock reported in the Form 3
RSU underlying shares (award expiring 2026-08-30)
967 shares
Restricted Stock Units economically equivalent to common stock, expiring August 30, 2026
RSU underlying shares (award expiring 2027-08-29)
4,739 shares
Restricted Stock Units economically equivalent to common stock, expiring August 29, 2027
RSU underlying shares (award expiring 2028-08-27)
5,106 shares
Restricted Stock Units economically equivalent to common stock, expiring August 27, 2028
RSU underlying shares (award expiring 2029-08-27)
6,426 shares
Restricted Stock Units economically equivalent to common stock, expiring August 27, 2029
Vesting schedule example
25% per year over 4 years
Service-based Cash-Settled RSUs vest 25% each year over four years (e.g., August 30, 2023–August 30, 2026)
Key Terms
Restricted Stock Units, Cash-Settled Restricted Stock Units, economic equivalent, vest
4 terms
Restricted Stock Units financial
"For this service-based award of Cash-Settled Restricted Stock Units, 25% will vest"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Cash-Settled Restricted Stock Units financial
"For this service-based award of Cash-Settled Restricted Stock Units, 25% will vest"
economic equivalent financial
"Each Restricted Stock Unit is the economic equivalent of one share of Matrix"
vest financial
"25% will vest each year from August 30, 2023 to August 30, 2026"
A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.
FAQ
What does the Form 3 for MTRX disclose about David (James) Miller’s holdings?
It discloses that David (James) Miller, VP & General Counsel, holds 20,547 Matrix Service Company common shares directly and several awards of Cash-Settled Restricted Stock Units that are each the economic equivalent of one share but are settled solely in cash when vested.
What RSU awards are reported for the Matrix Service Co (MTRX) VP & General Counsel?
The filing reports Cash-Settled Restricted Stock Unit awards over underlying 967, 4,739, 5,106, and 6,426 common shares, each award vesting in four equal annual installments over specified periods between August 30, 2023 and August 27, 2029.
Are the Restricted Stock Units in the MTRX Form 3 settled in stock or cash?
Each Restricted Stock Unit is the economic equivalent of one share of Matrix Service Company common stock, but the filing states that all Restricted Stock Units are settled solely in cash when vested, not in actual shares.
Does the MTRX Form 3 show any recent stock purchases or sales by the VP & General Counsel?
No. The Form 3 lists holdings of common stock and Cash-Settled Restricted Stock Units. It does not report any purchases, sales, or other buy/sell transactions; it is an initial statement of beneficial ownership.
AI-generated analysis. How Rhea-AI works. Not financial advice.
