Form 4: FIGS Inc. Executive Chair Heather Hasson Reports Stock Sale to Cover RSU Vesting Taxes

Heather Hasson, Executive Chair of FIGS Inc., sold 2,983 shares of Class A Common Stock to cover tax obligations related to the vesting and settlement of restricted stock units (RSUs).

Summary

• On September 5, 2024, Heather Hasson, the Executive Chair of FIGS, Inc., sold 2,983 shares of Class A Common Stock at a price of $6.19 per share.
• The sale was executed under a pre-arranged 10b5-1 trading plan adopted on May 9, 2023, and was solely to cover tax obligations arising from the vesting and settlement of restricted stock units (RSUs).
• Following the transaction, Hasson directly owns 422,727 shares of Class A Common Stock, the majority of which are RSUs.
• Hasson also indirectly owns 8,338 shares through the Heather Hasson Revocable Trust and 141 shares through Hollywood Capital Partners LLC.
• In addition to the reported securities, Hasson beneficially owns 2,814,480 shares of Class B Common Stock and 14,508,981 shares underlying vested options.

Sentiment

Score: 6

Explanation: The document reflects a routine transaction (stock sale for tax obligations) by an executive, which is neither particularly positive nor negative. The existence of a 10b5-1 plan suggests pre-planned actions, reducing uncertainty.

Positives

• The sale was pre-planned under a 10b5-1 trading plan, indicating it was not based on current market sentiment or inside information.

Future Outlook

The document does not contain any specific forward-looking statements or guidance.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The sale of shares to cover tax obligations related to RSU vesting is a common practice.

Comparison to Industry Standards

• The filing is standard practice for corporate insiders and is comparable to similar filings made by executives at companies like Lululemon, Nike, and Under Armour when they exercise stock options or have RSUs vest.

Stakeholder Impact

• The sale of shares by an executive could have a minor impact on shareholder sentiment, but the pre-planned nature of the transaction mitigates potential concerns.

Key Dates