SPX Technologies (NYSE: SPXC) exec delivers shares for tax withholding
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
SPX Technologies executive Sean McClenaghan, President of the HVAC segment, reported two tax-related share dispositions. On March 1, he delivered 384 shares of common stock at $226.94 per share to the company, and on February 28 he delivered 356 shares at the same price. Footnotes state these shares were withheld to cover taxes due upon vesting of previously granted restricted stock units, rather than sold in open-market transactions. He continues to hold direct and indirect interests, including common stock in a 401(k) plan and employee stock options.
Positive
- None.
Negative
- None.
Insider Trade Summary
7 transactions reported
Mixed
7 txns
Insider
McClenaghan Sean
Role
PRESIDENT, HVAC SEGMENT
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Tax Withholding | Common Stock | 384 | $226.94 | $87K |
| Tax Withholding | Common Stock | 356 | $226.94 | $81K |
| holding | Employee stock option to purchase common stock | -- | -- | -- |
| holding | Employee stock option to purchase common stock | -- | -- | -- |
| holding | Employee stock option to purchase common stock | -- | -- | -- |
| holding | Employee stock option to purchase common stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 23,428 shares (Direct);
Employee stock option to purchase common stock — 20,585 shares (Direct);
Common Stock — 530 shares (Indirect, 401 (k) Plan)
Footnotes (1)
- Shares delivered to the issuer for the payment of withholding taxes due upon the vesting of restricted stock units previously granted under the SPX 2019 Stock Compensation Plan. Includes unvested restricted stock units. Vests in three equal installments beginning on October 1, 2023. Vests in three equal installments beginning on March 1, 2024. Vests in three equal installments beginning on February 28, 2025. Vests in three equal installments beginning on March 3, 2026.
FAQ
What insider transaction did SPX Technologies (SPXC) report for Sean McClenaghan?
SPX Technologies reported that executive Sean McClenaghan delivered shares to the company to satisfy tax withholding on vested restricted stock units. These were reported as Form 4 code F transactions, meaning shares were surrendered to cover tax obligations, not sold on the open market.
Was the SPX Technologies Form 4 transaction an open-market sale of SPXC stock?
The Form 4 indicates a tax-withholding disposition, not an open-market sale. Code F transactions show shares delivered back to the issuer to pay exercise price or tax liabilities due upon vesting of equity awards like restricted stock units granted to the executive.
What do the footnotes reveal about the SPXC insider tax-withholding transactions?
Footnotes explain that shares were delivered to SPX Technologies to pay withholding taxes on vested restricted stock units granted under the 2019 Stock Compensation Plan. They also note that the executive’s holdings include unvested restricted stock units with scheduled vesting in three equal annual installments.
Does Sean McClenaghan still hold SPXC equity after the reported Form 4 transactions?
Yes. The Form 4 shows that after the tax-withholding dispositions, he continues to own SPX Technologies equity directly and indirectly. Holdings include common stock, common stock held through a 401(k) plan, and employee stock options plus unvested restricted stock units vesting over future years.