Michael Brett Armstrong - Oct 1, 2024 Form 4 Insider Report for Construction Partners, Inc. (ROAD)

Role: Senior Vice President
Signature: /s/ Michael Brett Armstrong
Stock symbol: ROAD
Transactions as of: Oct 1, 2024
Transactions value $: -$594,068
Form type: 4
Date filed: 10/3/2024, 04:06 PM
Previous filing: Dec 21, 2023
Next filing: Oct 22, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ROAD	Class A Common Stock	Tax liability	-$594K	-8.51K	-13.95%	$69.80	52.5K	Oct 1, 2024	Direct	F1, F2

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						20.2K	Oct 1, 2024	Class A Common Stock	20.2K		Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reported transaction represents the surrender by the reporting person of shares of Class A common stock, $0.001 par value ("Class A common stock"), of Construction Partners, Inc. (the "Issuer") to the Issuer to satisfy tax withholding obligations upon the vesting of restricted shares of Class A common stock previously awarded to the reporting person under the Construction Partners, Inc. 2018 Equity Incentive Plan (the "Incentive Plan"). Pursuant to the terms of the Incentive Plan and the applicable award agreements, the number of shares surrendered was determined using a value of $69.80 per share, the closing price for a share of Class A common stock on September 30, 2024, the vesting date.
F2	Includes 693 shares of Class A common stock previously purchased by the reporting person under the Construction Partners, Inc. Employee Stock Purchase Plan. Also includes 26,086 restricted shares of Class A common stock with time-based vesting criteria previously granted under the Incentive Plan that vest as follows: (i) 23,082 shares on September 30, 2025, (ii) 2,085 shares on September 30, 2026, and (iii) 919 shares on September 30, 2027. Under the terms of the respective award agreements, the reporting person has sole voting power with respect to the reported shares.
F3	Each share of Class B common stock, $0.001 par value ("Class B common stock"), of the Issuer 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.