Form 4: Backblaze CFO Marc Suidan Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Backblaze's Chief Financial Officer, Marc Suidan, sold shares of Class A Common Stock to cover tax withholding obligations related to the vesting and settlement of restricted stock units.
Summary
- On February 26, 2025, Marc Suidan, the CFO of Backblaze, Inc., acquired 10,178 shares of Class A Common Stock at $6.68 per share.
- These shares were obtained through the vesting of restricted stock units (RSUs).
- Subsequently, Suidan sold 1,974 shares on February 27, 2025, at an average price of $6.61, and 2,413 shares on February 28, 2025, at an average price of $6.3.
- These sales were mandated by Backblaze's equity incentive plans to cover tax withholding obligations.
- Following these transactions, Suidan directly owns 305,791 shares of Class A Common Stock.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing reflects routine transactions to cover tax obligations, not necessarily indicative of the executive's view on the company's prospects.
Industry Context
This filing is a routine disclosure of insider transactions. It is common for executives to sell shares to cover tax obligations when RSUs vest.
Stakeholder Impact
- The share sales may have a minor, temporary impact on the stock price, but are unlikely to significantly affect long-term shareholder value.
Key Dates
| Date | Description |
|---|---|
| 02/26/2025 | Reporting Person acquired 10,178 shares of Class A Common Stock through RSU vesting at $6.68 per share. |
| 02/27/2025 | Reporting Person sold 1,974 shares of Class A Common Stock at an average price of $6.61. |
| 02/28/2025 | Reporting Person sold 2,413 shares of Class A Common Stock at an average price of $6.3. |
| 03/03/2025 | Date of signature for the Form 4 filing. |
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