Form 4: ESS Tech Director Alexi Wellman Reports Stock Transactions

Director Alexi Wellman of ESS Tech, Inc. reports acquisition and disposal of common stock and restricted stock units.

Summary

• On May 17, 2024, Alexi Wellman, a director of ESS Tech, Inc., reported transactions involving the company's stock.
• Wellman acquired 202,702 shares of common stock at $0, represented by restricted stock units (RSUs) that vest on the earlier of May 17, 2025, or the day prior to the next annual meeting of stockholders.
• Wellman also disposed of 380,633 shares, a portion of which are RSUs representing a contingent right to receive one share of the Issuer's Common Stock.
• The reporting person has elected to defer the settlement of these RSUs to a date within 30 days of the earlier of (i) his separation of service from the Issuer within the meaning of Section 409A of the Internal Revenue Code (Section 409A) or (ii) the date on which a change of control (as defined in the Issuer's plan) occurs, provided that such transaction qualifies as a change of control within the meaning of Section 409A.
• Following these transactions, Wellman beneficially owns 380,633 shares of common stock.

Sentiment

Score: 5

Explanation: This is a routine filing of stock transactions by a company director, with no inherently positive or negative implications.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders.

Key Dates