Form 4: Apellis Pharmaceuticals CEO Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Apellis Pharmaceuticals CEO, Cedric Francois, sold 2,824 shares of common stock to cover tax obligations related to released Restricted Stock Units.
Summary
- Cedric Francois, CEO of Apellis Pharmaceuticals, sold 2,824 shares of common stock on January 29, 2025, at a price of $29.5236 per share.
- This sale was to cover tax withholding obligations related to Restricted Stock Units that were released on January 28, 2025.
- Following the transaction, Mr. Francois directly owns 415,695 shares.
- He also has indirect ownership of 532,946 shares through The Cedric Francois Irrevocable Trust of 2023 2, 472,065 shares through The Cedric Francois Irrevocable Trust of 2023, 300,000 shares through The Francois Grossi Trust, and 234,411 shares through The Francois-DuBois Educational Trust.
- Mr. Francois disclaims beneficial ownership of the shares held by the various trusts except to the extent of his pecuniary interest.
Sentiment
Score: 5
Explanation: The document reflects a routine transaction for tax purposes, with no indication of positive or negative sentiment.
Industry Context
This is a routine transaction for executives who receive stock-based compensation. It is common for executives to sell shares to cover tax obligations when restricted stock units vest.
Comparison to Industry Standards
- Executive stock sales to cover tax obligations are a common practice across the pharmaceutical industry.
- Many executives at comparable companies such as Regeneron, Vertex, and BioMarin also regularly sell shares for similar reasons.
- The size of the sale is relatively small compared to the total holdings of the CEO, which is typical for tax-related sales.
Stakeholder Impact
- The sale of shares by the CEO may have a minor impact on the stock price, but it is unlikely to be significant given the small volume of shares sold.
- The transaction does not impact the company's operations or financial health.
Key Dates
| Date | Description |
|---|---|
| 01/28/2025 | Restricted Stock Units were released. |
| 01/29/2025 | Cedric Francois sold 2,824 shares of common stock. |
| 01/30/2025 | Form 4 filing date. |
Keywords
Apellis Pharmaceuticals, Cedric Francois, stock sale, insider trading, Form 4, Restricted Stock Units, tax withholding, beneficial ownership
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