SunTx Capital II Management Corp. - Dec 20, 2023 Form 4 Insider Report for Construction Partners, Inc. (ROAD)

Signature
NED N. FLEMING, III, /s/ Ned N. Fleming, III
Stock symbol
ROAD
Transactions as of
Dec 20, 2023
Transactions value $
-$2,210,417
Form type
4
Date filed
12/22/2023, 04:15 PM
Previous filing
Dec 17, 2021
Next filing
May 24, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ROAD Class A Common Stock Sale -$732K -16.7K -6.35% $43.84 246K Dec 20, 2023 By SunTx Capital Partners II, L.P. F1, F2, F3, F4, F5
transaction ROAD Class A Common Stock Sale -$508K -11.3K -4.61% $44.75 235K Dec 20, 2023 By SunTx Capital Partners II, L.P. F3, F4, F5, F6
transaction ROAD Class A Common Stock Sale -$573K -13.1K -8.71% $43.84 137K Dec 20, 2023 By SunTx Capital Partners II Dutch Investors, L.P. F2, F3, F4, F7
transaction ROAD Class A Common Stock Sale -$398K -8.89K -6.49% $44.75 128K Dec 20, 2023 By SunTx Capital Partners II Dutch Investors, L.P. F3, F4, F6, F7
holding ROAD Class A Common Stock 29.7K Dec 20, 2023 Direct F8, F9
holding ROAD Class A Common Stock 30.7K Dec 20, 2023 Direct F10, F11
holding ROAD Class A Common Stock 157K Dec 20, 2023 Direct F12, F13
holding ROAD Class A Common Stock 4K Dec 20, 2023 By spouse of Ned N. Fleming, III

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding ROAD Class B Common Stock 1.74M Dec 20, 2023 Class A Common Stock 1.74M By Malachi Holdings Limited Partnership F14, F15
holding ROAD Class B Common Stock 351K Dec 20, 2023 Class A Common Stock 351K By CJCT Associates Limited Partnership F14, F16
holding ROAD Class B Common Stock 529K Dec 20, 2023 Class A Common Stock 529K By AMDG Associates Limited Partnership F14, F17
holding ROAD Class B Common Stock 2.59M Dec 20, 2023 Class A Common Stock 2.59M By SunTx Capital Partners II, L.P. F3, F4, F5, F14
holding ROAD Class B Common Stock 1.29M Dec 20, 2023 Class A Common Stock 1.29M By SunTx Capital Partners II Dutch Investors, L.P. F3, F4, F7, F14
holding ROAD Class B Common Stock 8.43K Dec 20, 2023 Class A Common Stock 8.43K By SunTx Capital Savings Plan, FBO Ned N. Fleming, III F14, F18
holding ROAD Class B Common Stock 2.7K Dec 20, 2023 Class A Common Stock 2.7K Direct F13, F14
holding ROAD Class B Common Stock 272 Dec 20, 2023 Class A Common Stock 272 By Boyle Fleming & Co. Inc. F14, F19
holding ROAD Class B Common Stock 674 Dec 20, 2023 Class A Common Stock 674 By SunTx Capital II Management Corp. F3, F4, F14, F20
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 This Form 4 is filed jointly by Ned N. Fleming, III, Craig Jennings, Mark R. Matteson, SunTx Capital Partners II, L.P. ("SunTx Partners II"), SunTx Capital Partners II Dutch Investors, L.P. ("SunTx Partners Dutch LP"), and SunTx Capital II Management Corp. ("SunTx Capital II Management," and collectively, the "Reporting Persons").
F2 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $43.42 to $44.41, inclusive. The Reporting Persons undertake to provide to Construction Partners, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (2) to this Form 4.
F3 The general partner of each of SunTx Partners II and SunTx Partners Dutch LP (SunTx Partners Dutch LP and SunTx Partners II are together referred to herein as the "SunTx Funds") is SunTx Capital Partners II GP, L.P. ("SunTx Partners II GP"). The general partner of SunTx Partners II GP is SunTx Capital II Management (SunTx Capital II Management and SunTx Partners II GP are referred to herein as the "SunTx Group"). Mr. Fleming, a director of the Issuer, is the majority shareholder and sole director of SunTx Capital II Management. Mr. Jennings and Mr. Matteson, each a director of the Issuer, are shareholders of SunTx Capital II Management.
F4 (Continued from Footnote 3) Mr. Fleming, Mr. Jennings, and Mr. Matteson may each be deemed to beneficially own securities of the Issuer held by certain entities in the SunTx Group, and the SunTx Group may be deemed to beneficially own securities of the Issuer held by certain entities of the SunTx Funds. Each such entity and person disclaims beneficial ownership of such securities except to the extent of its or his pecuniary interest therein, and this report shall not be deemed an admission that any such entity or person is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose.
F5 These securities of the Issuer are directly held by SunTx Partners II.
F6 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $44.42 to $45.18, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (6) to this Form 4.
F7 These securities of the Issuer are directly held by SunTx Partners Dutch LP.
F8 Includes 17,000 restricted shares of Class A common stock, par value $0.001 per share, of the Issuer ("Class A common stock") granted to Craig Jennings under the Construction Partners, Inc. 2018 Equity Incentive Plan of which 11,333 shares will vest on January 1, 2024, and 5,667 shares will vest on January 1, 2025.
F9 Securities held directly by Craig Jennings.
F10 Includes 17,000 restricted shares of Class A common stock of the Issuer granted to Mark R. Matteson under the Construction Partners, Inc. 2018 Equity Incentive of which 11,333 shares will vest on January 1, 2024, and 5,667 shares will vest on January 1, 2025.
F11 Securities held directly by Mark R. Matteson.
F12 Includes 42,500 restricted shares of Class A common stock of the Issuer granted to Ned N. Fleming, III under the Construction Partners, Inc. 2018 Equity Incentive Plan of which 28,333 shares will vest on January 1, 2024, and 14,167 shares will vest on January 1, 2025.
F13 Securities held directly by Ned N. Fleming, III.
F14 Each share of Class B common stock, par value $0.001 per share, of the Issuer ("Class B common stock"), is convertible into one share of Class A common stock (i) at any time at the option of the holder or (ii) upon any transfer, except for certain transfers described in the Issuer's amended and restated certificate of incorporation. In addition, upon the election of the holders of a majority of the then-outstanding shares of Class B common stock, all outstanding shares of Class B common stock will be converted into shares of Class A common stock. The holders of Class A common stock and Class B common stock vote as a single class on all matters submitted to a vote of stockholders. The holders of Class A common stock are entitled to one vote per share, and the holders of the Class B common stock are entitled to 10 votes per share. The shares of Class B common stock do not expire.
F15 These securities of the Issuer are directly held by Malachi Holdings Limited Partnership, a limited partnership controlled by Ned N. Fleming, III. Mr. Fleming may be deemed to beneficially own securities of the Issuer held by such limited partnership. Mr. Fleming disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that Mr. Fleming is the beneficial owner of such securities for purposes of Section 16 of the Exchange Act or for any other purpose.
F16 These securities of the Issuer are directly held by CJCT Associates Limited Partnership, a limited partnership controlled by Craig Jennings. Mr. Jennings may be deemed to beneficially own securities of the Issuer held by such limited partnership. Mr. Jennings disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that Mr. Jennings is the beneficial owner of such securities for purposes of Section 16 of the Exchange Act or for any other purpose.
F17 These securities of the Issuer are directly held by AMDG Associates Limited Partnership, a limited partnership controlled by Mark R. Matteson. Mr. Matteson may be deemed to beneficially own securities of the Issuer held by such limited partnership. Mr. Matteson disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that Mr. Matteson is the beneficial owner of such securities for purposes of Section 16 of the Exchange Act or for any other purpose.
F18 These securities of the Issuer are directly held by SunTx Capital Savings Plan, FBO Ned N. Fleming, III, a 401(k) account for the benefit of Ned N. Fleming, III.
F19 These securities of the Issuer are directly held by Boyle Fleming & Co. Inc., a corporation controlled by Ned N. Fleming, III. Mr. Fleming may be deemed to beneficially own securities of the Issuer held by such corporation. Mr. Fleming disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that Mr. Fleming is the beneficial owner of such securities for purposes of Section 16 of the Exchange Act or for any other purpose.
F20 These securities of the Issuer are directly held by SunTx Capital II Management.

Remarks:

Each of Ned N. Fleming, III, Craig Jennings and Mark R. Matteson serves on the Board of Directors of the Issuer. For purposes of Section 16 of the Exchange Act, the Reporting Persons other than Mr. Fleming, Mr. Jennings and Mr. Matteson are deemed directors by deputization by virtue of their representation on the Board of Directors of the Issuer.