Form 4: Backblaze SVP Tina Cessna Reports Stock Transactions
SEC Form 4 Filing
Tina Cessna, Senior VP of Engineering at Backblaze, Inc., reports the acquisition and disposal of Class A Common Stock related to RSU vesting and tax obligations.
Summary
- Tina Cessna, a Senior VP at Backblaze, Inc., filed a Form 4 detailing changes in her beneficial ownership of the company's Class A Common Stock.
- On February 20, 2025, 6,504 shares were withheld by Backblaze to cover tax obligations related to the vesting of restricted stock units (RSUs) at a price of $7.45.
- On February 26, 2025, Cessna was granted 5,076 RSUs, each representing one share of Class A Common Stock, at a price of $6.68.
- Between February 27 and March 3, 2025, Cessna sold a total of 5,076 shares to cover tax withholding obligations associated with the vesting and settlement of RSUs.
- These sales occurred at weighted average prices of $6.61, $6.30 and $6.58 on February 27, February 28 and March 3, 2025 respectively.
- After these transactions, Cessna beneficially owns 138,062 shares of Backblaze Class A Common Stock.
Sentiment
Score: 5
Explanation: The document reflects routine transactions related to executive compensation and tax obligations, indicating a neutral sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Stock transactions to cover tax obligations are a common practice among publicly traded companies.
- The weighted average prices reported are within a normal range for stock price fluctuations.
- Similar transactions are regularly reported by executives at comparable companies such as Dropbox, Box, and Carbonite.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the small volume of shares involved.
- Employees holding RSUs are directly affected by the vesting and tax implications described in the filing.
Key Dates
| Date | Description |
|---|---|
| 02/20/2025 | Shares withheld for tax obligations related to RSU vesting. |
| 02/26/2025 | RSUs granted to the reporting person. |
| 02/27/2025 | Shares sold to cover tax withholding obligations. |
| 02/28/2025 | Shares sold to cover tax withholding obligations. |
| 03/03/2025 | Shares sold to cover tax withholding obligations. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.