Form 4: ESS Tech Director Hossfeld Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Director Rich Hossfeld of ESS Tech, Inc. reports declining shares from a cancelled RSU and acquiring shares from new RSUs.
Summary
- On May 15, 2024, Director Rich Hossfeld declined shares from a Restricted Stock Unit (RSU) awarded on May 19, 2023, resulting in the cancellation of 135,373 shares.
- On May 17, 2024, Hossfeld acquired 202,702 shares represented by RSUs that vest on the earlier of May 17, 2025, or the day prior to the next annual meeting of stockholders.
- Hossfeld has deferred the settlement of these RSUs until a date within 30 days of his separation of service from the Issuer or a change of control.
- Following these transactions, Hossfeld beneficially owns 215,202 shares, a portion of which are RSUs, each representing a contingent right to receive one share of ESS Tech's Common Stock.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing, so the sentiment is neutral. It simply reflects changes in ownership.
Future Outlook
The settlement of the newly acquired RSUs is deferred until a future separation of service or a change of control event.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Key Dates
| Date | Description |
|---|---|
| 05/19/2023 | Date of original RSU award that was later declined. |
| 05/15/2024 | Date the Reporting Person declined the shares issuable upon the settlement of the Restricted Stock Unit (RSU) awarded on May 19, 2023. As a result, the RSU was cancelled. |
| 05/17/2024 | Date of acquisition of new RSUs and filing date of the Form 4. |
| 05/17/2025 | One of the dates on which the acquired RSUs vest. |
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