Form 4: Braze Inc. General Counsel Susan Wiseman Reports Stock Sales to Cover Tax Obligations
SEC Form 4 Filing
Susan Wiseman, General Counsel of Braze Inc., sold shares of Class A Common Stock to cover tax withholding obligations related to vesting restricted stock units.
Summary
- On May 16, 2024, Susan Wiseman, General Counsel of Braze, Inc., sold 3,833 shares of Class A Common Stock at a price of $41.76 per share.
- On May 17, 2024, Wiseman sold 19 shares of Class A Common Stock at $42.11 per share.
- These transactions were executed under a non-discretionary sell-to-cover program implemented by Braze, effective November 16, 2021, and last modified April 30, 2023, to satisfy tax withholding obligations arising from the vesting of restricted stock units.
- Following these transactions, Wiseman beneficially owns 224,906 shares of Class A Common Stock, of which 90,586 are represented by restricted stock units.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The filing relates to routine stock sales for tax purposes and doesn't indicate any significant positive or negative developments for the company.
Industry Context
This filing is a routine disclosure related to insider stock sales to cover tax obligations, which is a common practice among executives who receive equity compensation. It doesn't necessarily reflect a change in the executive's confidence in the company.
Comparison to Industry Standards
- Sell-to-cover programs are a standard practice among publicly traded companies to facilitate the payment of taxes associated with the vesting of equity awards.
- Many companies, such as Salesforce, Workday, and Adobe, have similar programs in place for their executives.
- The volume of shares sold is relatively small compared to the total shares held by the reporting person, which is typical for these types of transactions.
Key Dates
| Date | Description |
|---|---|
| 2021-11-16 | Effective date of the Issuer's non-discretionary sell-to-cover program. |
| 2023-04-30 | Last modified date of the Issuer's non-discretionary sell-to-cover program. |
| 2024-05-16 | Date of first reported transaction: sale of 3,833 shares at $41.76. |
| 2024-05-17 | Date of second reported transaction: sale of 19 shares at $42.11. |
| 2024-05-20 | Date of signature for the Form 4 filing. |
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