Form 4: DigitalOcean CFO Matt Steinfort Sells Shares to Cover Tax Obligations

DigitalOcean's Chief Financial Officer, Matt Steinfort, sold 18,546 shares of common stock to cover tax obligations related to vesting of restricted stock units.

Summary

• Matt Steinfort, the Chief Financial Officer of DigitalOcean Holdings, Inc., sold 18,546 shares of common stock on December 1, 2024.
• The sale was executed at a price of $38.08 per share.
• This transaction was to cover tax withholding obligations related to the vesting of restricted stock units and performance-based restricted stock units.
• Following the transaction, Mr. Steinfort directly owns 529,996 shares of DigitalOcean common stock.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction for tax purposes, not indicative of positive or negative sentiment towards the company's performance.

Industry Context

This is a routine transaction for executives who receive stock-based compensation. It is common for executives to sell shares to cover tax obligations when restricted stock units vest.

Comparison to Industry Standards

• Sales of shares by executives to cover tax obligations are a common practice across the technology industry.
• Many companies use restricted stock units as part of their compensation packages, leading to similar transactions by executives at other firms.
• The number of shares sold and the price are specific to DigitalOcean and its stock performance.

Stakeholder Impact

• The transaction has a minimal impact on shareholders as it is a routine sale for tax purposes.

Key Dates

Keywords

DigitalOcean, DOCN, Matt Steinfort, CFO, stock sale, insider trading, tax obligations, restricted stock units