Form 4: FIGS Inc. Executive Chair Sells Shares to Cover Tax Obligations Following RSU Vesting

Heather Hasson, Executive Chair of FIGS Inc., sold 26,855 Class A common stock shares to cover tax obligations related to the vesting of restricted stock units (RSUs).

Summary

• Heather Hasson, the Executive Chair of FIGS Inc., executed a transaction involving the sale of 26,855 shares of Class A Common Stock.
• The sale was conducted on January 6, 2025, at a price of $5.9612 per share.
• This transaction was triggered by the vesting and settlement of restricted stock units (RSUs).
• The shares were sold solely to cover the tax obligations and fees associated with the RSU vesting.
• The sale was executed under a pre-arranged 10b5-1 trading plan established on May 9, 2023.
• Following the transaction, Ms. Hasson directly owns 354,221 shares of Class A Common Stock.
• She also indirectly owns 8,338 shares through the Heather Hasson Revocable Trust and 141 shares through Hollywood Capital Partners LLC.
• Ms. Hasson also holds a significant number of Class B shares and vested options.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to executive compensation. It is neither particularly positive nor negative, but rather a standard practice. The use of a 10b5-1 plan adds a layer of transparency and reduces the risk of insider trading concerns.

Industry Context

This is a routine transaction for executives who receive stock-based compensation. The use of a 10b5-1 plan indicates that the sale was pre-planned and not based on any non-public information.

Comparison to Industry Standards

• The use of 10b5-1 trading plans is a common practice among executives at publicly traded companies to manage their stock sales and avoid accusations of insider trading.
• The sale of shares to cover tax obligations related to RSU vesting is also a standard practice.
• Comparable companies such as Lululemon, Nike, and Under Armour also have executives who use similar mechanisms for managing their equity compensation.

Stakeholder Impact

• The sale of shares by an executive may have a minor impact on investor sentiment, but the pre-planned nature of the transaction mitigates any significant concerns.
• The transaction does not directly impact employees, customers, or suppliers.

Key Dates

Keywords

FIGS Inc., Heather Hasson, Executive Chair, Class A Common Stock, Restricted Stock Units, RSUs, 10b5-1 plan, tax obligations, share sale, insider trading