Form 4: Adobe EVP, Chief People Officer Gloria Chen Reports Stock Transactions
SEC Form 4 Filing
Gloria Chen, EVP and Chief People Officer at Adobe, reports the vesting and subsequent tax withholding of shares of common stock.
Summary
- Gloria Chen, an executive at Adobe Inc., reported transactions involving Adobe's common stock on July 24, 2024.
- These transactions included the vesting of restricted stock units (RSUs) and the subsequent surrender of shares to cover tax liabilities.
- Specifically, 402 and 424 shares vested from different RSU grants.
- A total of 409 shares were withheld to satisfy tax obligations at a price of $531.04 per share.
- Following these transactions, Chen directly owns 31,535.4224 shares of Adobe common stock and indirectly owns 667 shares through a trust.
Sentiment
Score: 5
Explanation: This is a routine filing reflecting standard executive compensation practices, so the sentiment is neutral.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and stock ownership, common among publicly traded companies like Adobe.
Comparison to Industry Standards
- Executive compensation packages including restricted stock units are standard practice among large tech companies such as Microsoft, Apple, and Google.
- The vesting schedules and tax withholding practices are also typical.
Stakeholder Impact
- The transactions have a minimal impact on shareholders as they relate to executive compensation and do not represent a significant change in ownership.
Key Dates
| Date | Description |
|---|---|
| 04/08/2004 | Date of The John Kibarian and Gloria Chen Trust |
| 01/24/2021 | Vesting commencement date for 25% of restricted stock units, then 6.25% quarterly thereafter. |
| 01/24/2022 | Vesting commencement date for 25% of restricted stock units, then 6.25% quarterly thereafter. |
| 07/24/2024 | Date of stock transactions: vesting of RSUs and tax withholding. |
| 07/26/2024 | Date of signature for the Form 4 filing. |
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