Form 4: FiscalNote CSO Gerald Yao Sells Shares Under 10b5-1 Plan

FiscalNote's Chief Strategy Officer and Director, Gerald Yao, sold 2,750 shares of Class A Common Stock at $1.50 per share under a pre-arranged 10b5-1 trading plan.

Summary

• Gerald Yao, Chief Strategy Officer and Director at FiscalNote Holdings, Inc., sold 2,750 shares of Class A Common Stock on January 21, 2025.
• The shares were sold at a price of $1.50 per share.
• The transaction was executed under a Rule 10b5-1 trading plan adopted on March 19, 2024.
• Following the transaction, Mr. Yao directly owns 4,000 shares and indirectly owns 190,289 shares through the Gerald Yao Revocable Trust Dated January 10, 2019.

Sentiment

Score: 5

Explanation: The document is a routine SEC filing for an insider share sale under a pre-arranged plan. It doesn't indicate any positive or negative sentiment.

Industry Context

This is a routine filing for insider transactions. The use of a 10b5-1 plan is common for executives to avoid accusations of trading on inside information.

Comparison to Industry Standards

• The use of a 10b5-1 trading plan is a standard practice among publicly traded companies to allow insiders to sell shares without the appearance of trading on non-public information.
• Many companies such as Microsoft, Apple, and Google have executives who use 10b5-1 plans for their stock transactions.
• The volume of shares sold is relatively small compared to the total shares held by the executive, which is typical for these types of transactions.

Stakeholder Impact

• The share sale by an executive may have a minor impact on shareholder sentiment, but the use of a 10b5-1 plan mitigates concerns about insider trading.

Key Dates

Keywords

FiscalNote, Gerald Yao, insider trading, Form 4, 10b5-1 plan, share sale, Class A Common Stock