Form 4: CleanSpark COO Sells Shares to Cover Tax Obligations
SEC Form 4
CleanSpark's Chief Operating Officer, Scott Eugene Garrison, sold 1,198 shares of common stock on May 15, 2025, to cover tax liabilities related to the vesting of Restricted Stock Units (RSUs).
Summary
- On May 15, 2025, Scott Eugene Garrison, the Chief Operating Officer of CleanSpark, Inc. (CLSK), sold 1,198 shares of the company's common stock.
- The sale was executed to cover the reporting person's tax liability associated with the vesting of RSUs.
- The shares were sold at a weighted average price of $9.2058, with individual sales prices ranging from $9.0101 to $9.3701.
- Following the transaction, Garrison still beneficially owns 194,861 shares, which includes 32,120 RSUs vesting in quarterly installments through December 3, 2027, and additional RSUs vesting on September 30, 2025 and September 30, 2026.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The filing simply reports a routine stock sale by an executive to cover tax obligations. It doesn't indicate any fundamental change in the company's prospects.
Industry Context
Executive stock sales are a common occurrence, often related to tax obligations or portfolio diversification. The impact on the stock price is usually minimal unless the sale is substantial or indicative of a negative outlook by the executive.
Comparison to Industry Standards
- Executive compensation packages often include RSUs that vest over time, leading to periodic stock sales to cover tax liabilities.
- Companies like Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), also in the Bitcoin mining space, see similar patterns of executive stock transactions related to equity compensation.
- The size of the sale (1,198 shares) is relatively small compared to the total shares beneficially owned (194,861), suggesting it's a routine transaction.
Stakeholder Impact
- The stock sale is unlikely to have a significant impact on shareholders, as it's a small transaction related to tax obligations.
- Employees are not directly impacted by this transaction.
Key Dates
| Date | Description |
|---|---|
| 05/07/2024 | Date of RSU grant, part of which vests on September 30, 2025, and September 30, 2026. |
| 02/13/2025 | Start date for quarterly vesting of 32,120 RSUs. |
| 05/13/2025 | Quarterly vesting date for RSUs. |
| 05/15/2025 | Date of stock sale by Scott Eugene Garrison. |
| 08/13/2025 | Quarterly vesting date for RSUs. |
| 09/30/2025 | Vesting date for 33,350 RSUs granted on May 7, 2024. |
| 12/03/2025 | Quarterly vesting date for RSUs. |
| 02/13/2026 | Quarterly vesting date for RSUs. |
| 05/13/2026 | Quarterly vesting date for RSUs. |
| 08/13/2026 | Quarterly vesting date for RSUs. |
| 09/30/2026 | Vesting date for 33,350 RSUs granted on May 7, 2024. |
| 12/03/2026 | Quarterly vesting date for RSUs. |
| 02/12/2027 | Quarterly vesting date for RSUs. |
| 05/13/2027 | Quarterly vesting date for RSUs. |
| 08/13/2027 | Quarterly vesting date for RSUs. |
| 12/03/2027 | Final quarterly vesting date for 32,120 RSUs. |
Keywords
CleanSpark, CLSK, Scott Eugene Garrison, Chief Operating Officer, Form 4, SEC Filing, Stock Sale, RSU Vesting, Beneficial Ownership
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