Matrix (MTRX) CFO Reports RSU Vesting and Tax-Related Share Sales
Rhea-AI Filing Summary
Kevin S. Cavanah, Vice President Finance & Chief Financial Officer of Matrix Service Co (MTRX), reported multiple insider transactions on 08/29/2025 and 08/30/2025. The filings show vesting and settlement activity of restricted stock units (RSUs) and performance stock units (PSUs), with cash-settled RSUs and stock-settled awards converting into shares.
The report records acquisitions by vesting (totaling 59, [aggregated] 39,847 shares received on conversion of a PSU) and contemporaneous dispositions to satisfy tax obligations and other sales at $15.13 per share. Following the transactions, Cavanah beneficially owned 222,712 shares at one point and later reported holdings of 207,113 and 185,784 in subsequent lines, reflecting vesting and tax-related share disposals. All RSUs are settled solely in cash when vested per the filing.
Positive
- Vesting and conversion of performance stock units occurred, indicating achievement of the award's market-based criteria and alignment of executive compensation with performance
- Disclosure is detailed with specific transaction codes, prices ($15.13), share amounts, and vesting schedules, meeting Section 16 transparency requirements
Negative
- Substantial share disposals to satisfy tax obligations and sales at $15.13 reduced beneficial ownership from reported highs (e.g., 222,712) to lower totals (e.g., 185,784)
- Some RSUs are cash-settled, so vesting does not increase outstanding share count but may not align long-term equity ownership incentives
Insights
TL;DR: Routine executive compensation vesting and tax-related share sales; no clear material change to control or capital structure.
The Form 4 discloses scheduled vesting of cash-settled RSUs and conversion of a PSU into 39,847 shares upon meeting market-based criteria, with simultaneous share dispositions to cover taxes and sales at $15.13. The transactions reflect compensation realization rather than open-market strategic purchases or disposals by the CFO. Movements are typical for executive remuneration and do not indicate a financing event or change in ownership control.
TL;DR: Transactions are standard post-vesting settlements and tax withholdings; disclosure appears complete for the reported dates.
The filing documents service-based RSU vesting schedules (25% annually) and cash settlement terms, plus performance-unit conversion when market criteria were met. Disposals are identified as tax-withholding or sell-to-cover events. Reporting person role (VP Finance & CFO) and exact transaction codes are provided, meeting standard Section 16 disclosure expectations. No director-level change or unusual related-party transfer is reported.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | RESTRICTED STOCK UNITS | 3,834 | $0.00 | -- |
| Exercise | RESTRICTED STOCK UNITS | 4,569 | $0.00 | -- |
| Exercise | COMMON STOCK | 3,834 | $0.00 | -- |
| Disposition | COMMON STOCK | 3,834 | $15.13 | $58K |
| Tax Withholding | COMMON STOCK | 1,332 | $15.13 | $20K |
| Exercise | COMMON STOCK | 4,569 | $0.00 | -- |
| Disposition | COMMON STOCK | 4,569 | $15.13 | $69K |
| Tax Withholding | COMMON STOCK | 1,587 | $15.13 | $24K |
| Grant/Award | COMMON STOCK | 39,847 | $0.00 | -- |
| Tax Withholding | COMMON STOCK | 15,599 | $15.13 | $236K |
| Exercise | RESTRICTED STOCK UNITS | 6,176 | $0.00 | -- |
| Exercise | COMMON STOCK | 6,176 | $0.00 | -- |
| Disposition | COMMON STOCK | 6,176 | $15.13 | $93K |
| Tax Withholding | COMMON STOCK | 2,146 | $15.13 | $32K |
Footnotes (1)
- 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. SHARES DISPOSED TO SATISFY TAX OBLIGATION DUE ON VEST DATE FOR STOCK-SETTLED RESTRICTED STOCK UNITS. SHARES RECEIVED ON CONVERSION OF PERFORMANCE STOCK UNIT AWARD AS PREDETERMINED MARKET-BASED CRITERIA WAS MET. SHARES DISPOSED TO SATISFY TAX OBLIGATION DUE ON VEST DATE FOR STOCK-SETTLED PERFORMANCE STOCK UNITS. FOR THIS SERVICE-BASED AWARD OF CASH-SETTLED RESTRICTED STOCK UNITS, 25% WILL VEST EACH YEAR FROM AUGUST 29, 2024 TO AUGUST 29, 2027. FOR THIS SERVICE-BASED AWARD OF CASH-SETTLED RESTRICTED STOCK UNITS, 25% WILL VEST EACH YEAR FROM AUGUST 30, 2022 TO AUGUST 30, 2025. FOR THIS SERVICE-BASED AWARD OF CASH-SETTLED RESTRICTED STOCK UNITS, 25% WILL VEST EACH YEAR FROM AUGUST 30, 2023 TO AUGUST 30, 2026.
