Form 4: FiscalNote Director Tim Hwang Sells Shares to Cover Tax Obligations
SEC Form 4
Director Tim Hwang sold shares of FiscalNote Holdings, Inc. to cover tax obligations related to vesting restricted stock units.
Summary
- Tim Hwang, a director of FiscalNote Holdings, Inc., sold shares of Class A Common Stock on March 3, 2025.
- The sales were executed in two transactions at prices of $1.0963 and $1.19 per share.
- A total of 51,137 shares were sold.
- These sales were made to satisfy tax obligations upon the vesting of restricted stock units, pursuant to a Rule 10b5-1 trading plan.
- Hwang still indirectly owns 2,655,992 shares through the Timothy T. Hwang Revocable Trust.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing related to stock sales for tax purposes. It doesn't contain information that would significantly impact investor sentiment positively or negatively.
Industry Context
Sales by insiders are a common occurrence, especially to cover tax obligations related to stock-based compensation. The use of a 10b5-1 plan suggests the sales were pre-planned and not based on current market information.
Stakeholder Impact
- The sale of shares by a director could have a minor negative impact on shareholder confidence, but the pre-planned nature of the sales mitigates this concern.
Key Dates
| Date | Description |
|---|---|
| January 10, 2019 | Date of the Timothy T. Hwang Revocable Trust |
| August 11, 2023 | Date of adoption of Rule 10b5-1 trading plan related to restricted stock units |
| March 20, 2024 | Date of adoption of Rule 10b5-1 trading plan related to share sales |
| March 3, 2025 | Date of share sales |
| March 5, 2025 | Date of signature on the Form 4 filing |
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