Matrix Service CEO Receives RSUs and Reports Share Sale; 550,568 Shares Held
Rhea-AI Filing Summary
John R. Hewitt, President & CEO and director of Matrix Service Company (MTRX), reported changes in his beneficial ownership on 08/27/2025. He was granted 26,774 restricted stock units that convert to one share each upon vesting (25% annually over four years) and 10,363 cash‑settled restricted stock units (25% vesting annually from 08/27/2025 to 08/27/2028). To satisfy tax withholding on a stock‑settled award, 3,015 shares were surrendered, and separately 10,363 shares were sold at $15.37 per share. After these transactions his reported direct beneficial ownership is shown as 550,568 common shares.
Positive
- New long‑term incentive awards: grant of 26,774 RSUs with multi‑year vesting supports retention and alignment with shareholders
- Substantial ongoing ownership: reported direct beneficial ownership remains at 550,568 shares, indicating continued insider stake
Negative
- Market sale of shares: 10,363 shares sold at $15.37 could modestly reduce insider share exposure
- Tax withholding via share surrender: 3,015 shares surrendered to satisfy tax obligations reduces net share holdings
Insights
TL;DR: Insider received time‑based equity awards and completed routine disposals to satisfy tax obligations and a market sale.
The Form 4 documents a standard executive compensation and tax withholding pattern: a grant of service‑based restricted stock units and cash‑settled RSUs, scheduled to vest in equal annual tranches over four years. The reporting person also reported both a market sale of 10,363 shares at $15.37 and surrendering 3,015 shares to cover tax obligations on vesting. These actions align with normal equity compensation administration and do not indicate a change in corporate control or an extraordinary liquidity event.
TL;DR: Grants strengthen long‑term incentive alignment while cash settlement and share withholding reflect standard plan mechanics.
The 26,774 stock‑settled RSUs and 10,363 cash‑settled RSUs reflect a mixed settlement approach: one award converts to stock on vesting, the other pays cash equal to the share value. Vesting schedules (25% annually) provide multi‑year retention incentives. The 3,015‑share surrender to cover taxes and the sale of 10,363 shares at $15.37 are administrative outcomes of vesting and liquidity needs rather than unusual insider disposition patterns.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | RESTRICTED STOCK UNITS | 26,774 | $0.00 | -- |
| Exercise | RESTRICTED STOCK UNITS | 10,363 | $0.00 | -- |
| Grant/Award | COMMON STOCK | 26,774 | $0.00 | -- |
| Exercise | COMMON STOCK | 10,363 | $0.00 | -- |
| Disposition | COMMON STOCK | 10,363 | $15.37 | $159K |
| Tax Withholding | COMMON STOCK | 3,015 | $15.37 | $46K |
Footnotes (1)
- RESTRICTED STOCK UNIT - EACH UNIT WILL ENTITLE THE REPORTING PERSON TO ONE SHARE OF MATRIX SERVICE COMPANY COMMON STOCK IF AND WHEN THE CONDITIONS OF THE RESTRICTION HAVE BEEN SATISFIED. FOR THIS GRANT, 25% WILL VEST EACH YEAR FOR THE NEXT FOUR YEARS ON THE ANNIVERSARY DATES. 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. EACH UNIT WILL ENTITLE THE REPORTING PERSON TO THE CASH EQUIVALENT OF ONE SHARE OF MATRIX SERVICE COMPANY COMMON STOCK IF AND WHEN THE CONDITIONS OF THE RESTRICTION HAVE BEEN SATISFIED. FOR THIS GRANT, 25% WILL VEST EACH YEAR FOR THE NEXT FOUR YEARS ON THE ANNIVERSARY DATES. FOR THIS SERVICE-BASED AWARD OF CASH-SETTLED RESTRICTED STOCK UNITS, 25% WILL VEST EACH YEAR FROM AUGUST 27, 2025 TO AUGUST 27, 2028.
