Form 4: Apellis Pharmaceuticals General Counsel Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Apellis Pharmaceuticals' General Counsel, David O. Watson, sold 695 shares of common stock to cover tax obligations related to restricted stock units.
Summary
- David O. Watson, General Counsel of Apellis Pharmaceuticals, sold 695 shares of common stock on January 29, 2025, at a price of $29.5236 per share.
- The sale was to cover tax withholding obligations related to restricted stock units that vested on January 28, 2025.
- Following the transaction, Mr. Watson directly owns 144,299 shares of Apellis common stock.
- He also indirectly owns 3,333 shares through a custodial account for his son, 70,136 shares through The David O. Watson Irrevocable Trust of 2023, and 6,667 shares through The Watson Education Trust.
- Mr. Watson disclaims beneficial ownership of the shares held by the trusts except to the extent of his pecuniary interest.
Sentiment
Score: 5
Explanation: This is a neutral event, reflecting a routine transaction for tax purposes. It does not indicate any positive or negative sentiment about the company's performance.
Industry Context
This is a routine transaction for company insiders to manage their tax obligations related to equity compensation. It is common for executives to sell shares to cover taxes when restricted stock units vest.
Comparison to Industry Standards
- Sales of shares by executives to cover tax obligations are a common practice across the industry.
- The sale of 695 shares is not a significant amount compared to the total shares held by Mr. Watson, which is typical for these types of transactions.
- Other pharmaceutical companies' executives also regularly file Form 4s for similar transactions.
Stakeholder Impact
- The sale has a minimal impact on shareholders as it is a small transaction by an executive to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| 01/28/2025 | Restricted Stock Units released. |
| 01/29/2025 | Date of stock sale by David O. Watson. |
| 01/30/2025 | Date of signature on the Form 4 filing. |
Keywords
Apellis Pharmaceuticals, David O. Watson, stock sale, insider trading, Form 4, restricted stock units, tax withholding, beneficial ownership
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