Form 4: Adobe SVP & CAO Mark S. Garfield Reports Stock Transactions
SEC Form 4 Filing
Mark S. Garfield, SVP & CAO of Adobe Inc., reports the acquisition and disposal of common stock and restricted stock units on April 15 and 16, 2024, according to a pre-arranged Rule 10b5-1 trading plan.
Summary
- Mark S. Garfield, a Senior Vice President & CAO at Adobe Inc., filed a Form 4 detailing changes in beneficial ownership.
- On April 15, 2024, Garfield exercised restricted stock units (RSUs) converting 190 units into common stock and 109 units into common stock.
- Also on April 15, 2024, 94 shares were surrendered to cover tax liabilities at a price of $470.1.
- An additional 54 shares were surrendered to cover tax liabilities at a price of $470.1 on April 15, 2024.
- On April 16, 2024, Garfield sold 96 shares of common stock at $470 per share.
- These transactions were executed under a Rule 10b5-1 trading plan adopted on May 5, 2023.
- Following these transactions, Garfield directly owns 4,128.2214 shares of Adobe Inc. common stock and 3,732 restricted stock units.
Sentiment
Score: 5
Explanation: This is a routine filing of stock transactions by a company executive. It doesn't indicate any specific positive or negative sentiment about the company's performance.
Industry Context
Form 4 filings are standard practice for corporate insiders to report transactions in their company's stock, providing transparency to investors.
Comparison to Industry Standards
- Similar to other tech companies such as Microsoft (MSFT) and Apple (AAPL), Adobe executives use Rule 10b5-1 plans to manage their stock transactions and avoid accusations of insider trading.
- The vesting schedules of the Restricted Stock Units (RSUs) are typical, with quarterly vesting over a multi-year period, aligning with standard equity compensation practices in the tech industry.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they are part of a pre-arranged trading plan and do not represent a significant change in ownership.
Key Dates
| Date | Description |
|---|---|
| 05/05/2023 | Date of adoption of Rule 10b5-1 trading plan |
| 01/15/2023 | Vesting commencement date for 190 RSUs (6.25% quarterly) |
| 01/15/2024 | Vesting commencement date for 109 RSUs (6.25% quarterly) |
| 04/15/2024 | Exercise of Restricted Stock Units and tax liability coverage |
| 04/16/2024 | Sale of common stock |
| 04/17/2024 | Date of Form 4 filing |
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