Form 4: FiscalNote Director Keith Nilsson Receives Stock Grant in Lieu of Cash Retainer
SEC Form 4 Filing
Keith Nilsson, a director at FiscalNote Holdings, received 8,000 shares of Class A Common Stock as compensation for his service as a non-management director.
Summary
- On September 4, 2024, Keith Nilsson, a director of FiscalNote Holdings, Inc., acquired 8,000 shares of Class A Common Stock.
- These shares were granted as compensation for his service as a non-management director, in lieu of a quarterly cash retainer.
- Following the transaction, Nilsson directly owns 715,475 shares of Class A Common Stock.
- Nilsson also has indirect ownership through various entities, including Xplorer Capital Fund III L.P., XC FiscalNote-B, LLC, Xplorer Capital Fund III GP, LLC, XC FiscalNote-C, LLC and XC Continuation Fund I, LLC.
- The filing was signed by Todd Aman, Attorney-in-Fact, on September 6, 2024.
Sentiment
Score: 6
Explanation: The document is a routine SEC filing regarding director compensation, which is neutral in sentiment. The stock grant is a positive sign of aligning director interests with shareholders, but it's not a major event.
Positives
- The grant of shares to a director aligns their interests with those of the shareholders.
Industry Context
This type of equity compensation is common for non-management directors to align their interests with the long-term performance of the company.
Comparison to Industry Standards
- Granting stock in lieu of cash retainers is a fairly common practice among publicly traded companies to conserve cash and align director incentives with shareholder value.
- Comparable companies often use a mix of cash and equity for director compensation, with the equity component varying based on company size, stage, and performance.
- The specific amount of equity granted (8,000 shares in this case) would need to be benchmarked against peer companies to determine if it is within a reasonable range.
Stakeholder Impact
- The stock grant aligns the director's interests with those of the shareholders.
Key Dates
| Date | Description |
|---|---|
| 09/04/2024 | Date of transaction: Keith Nilsson acquired 8,000 shares of Class A Common Stock. |
| 09/06/2024 | Date of signature by Todd Aman, Attorney-in-Fact. |
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