Covista (CVSA) CEO Stephen Beard Receives Stock Awards

What Happened

• Stephen W. Beard, Chairman & CEO of Covista Inc. (CVSA), received equity awards and had shares withheld to satisfy taxes on August 23, 2026. He was granted 53,144 shares (performance share payout) and 75,920 shares (award) at $132.35 per share, valued at $7,033,608 and $10,048,012 respectively. To cover tax withholding, Beard surrendered 9,621, 23,543 and 33,633 shares (total 66,797 shares) at the same $132.35 price, totaling $8,840,583.
• Net of the withholding, Beard acquired 62,267 shares (129,064 granted minus 66,797 withheld), equivalent to about $8.24 million at $132.35 per share. The disposals were routine tax-withholding transactions tied to vesting, not open-market sales.

Key Details

• Transaction date: August 23, 2026. Reported on Form 4 filed August 25, 2026.
• Prices and amounts:
  • Grants/Awards (A): 53,144 shares @ $132.35 = $7,033,608; 75,920 shares @ $132.35 = $10,048,012.
  • Tax withholding (F): 9,621 shares @ $132.35 = $1,273,339; 23,543 shares @ $132.35 = $3,115,916; 33,633 shares @ $132.35 = $4,451,328.
• Net change: +62,267 shares, net value ≈ $8.24M at the reported price.
• Shares owned after the transaction: not specified in the provided filing details.
• Footnotes:
  • F1/F3 — share disposals represent satisfaction of tax withholding obligations upon vesting.
  • F2 — common stock issued in payout of performance share units awarded on Nov 8, 2023.
• Filing timeliness: Reported two days after the transactions (filed Aug 25 for Aug 23 transactions), appearing to be filed promptly.

Context

• These transactions reflect the issuance/vesting of performance shares and the routine surrender of shares to satisfy withholding tax obligations. The withholding shares are not open-market sales and generally reflect tax mechanics rather than an independent decision to sell stock. Awards increase insider ownership on a net basis, while withholding is a common administrative step.