Form 4: Adaptive Biotechnologies Executive Sells Shares to Cover Tax Obligations
SEC Form 4
Sharon Benzeno, Chief Commercial Officer of Adaptive Biotechnologies, sold shares to cover tax withholding obligations related to RSU vesting.
Summary
- Sharon Benzeno, Chief Commercial Officer of Adaptive Biotechnologies, reported changes in beneficial ownership of the company's stock.
- On March 4, 2024, Benzeno acquired 132,979 shares of common stock.
- On March 5, 2024, she sold 10,746 shares at $3.43 and 18,644 shares at $3.44.
- These sales were to cover tax withholding obligations related to the vesting of Restricted Stock Units (RSUs).
- Benzeno also acquired options to purchase 199,549 shares of common stock at an exercise price of $3.99, vesting in installments starting March 4, 2025.
- Following these transactions, Benzeno directly owns 327,415 shares of common stock and options to purchase 199,549 shares.
Sentiment
Score: 6
Explanation: The sentiment is neutral as the filing primarily reports routine transactions related to executive compensation and tax obligations.
Positives
- The acquisition of stock options indicates a continued alignment of the executive's interests with the company's long-term performance.
Future Outlook
The document does not contain specific forward-looking statements regarding the company's future performance.
Management Comments
- The sale of shares was mandated by the Issuer's election under its equity incentive plans to require the satisfaction of tax withholding obligations to be funded by a 'sell to cover' transaction and does not represent a discretionary trade by the Reporting Person.
Industry Context
Form 4 filings are a routine part of executive compensation and stock ownership transparency in publicly traded companies.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they are related to executive compensation and tax obligations.
Key Dates
| Date | Description |
|---|---|
| 03/04/2024 | Date of acquisition of common stock and stock options. |
| 03/05/2024 | Date of sale of common stock to cover tax obligations. |
| 03/04/2025 | First vesting date for 1/4 of the acquired stock options. |
| 03/06/2024 | Date of signature of the Form 4 filing. |
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