Form 4: FiscalNote Holdings CEO Sells Shares to Cover Tax Obligations

FiscalNote Holdings CEO Tim Hwang sold 22,186 shares of Class A Common Stock on October 3, 2024, to cover tax obligations related to vesting restricted stock units.

Summary

• Tim Hwang, CEO and Director of FiscalNote Holdings, sold 22,186 shares of Class A Common Stock on October 3, 2024.
• The sale was executed at a price of $1.1833 per share.
• The transaction was conducted to satisfy tax obligations arising from the vesting of 44,916 restricted stock units.
• The sale was made pursuant to a Rule 10b5-1 trading plan adopted on August 11, 2023.
• Following the transaction, Hwang directly owns 49,318 shares of Class A Common Stock and indirectly owns 2,471,867 shares through a revocable trust.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The transaction is a routine sale of shares to cover tax obligations, which is a common practice among executives. It doesn't necessarily indicate a positive or negative outlook for the company.

Industry Context

Sales of shares to cover tax obligations are a routine part of executive compensation, particularly when dealing with vesting restricted stock units. It is a common practice and doesn't necessarily reflect a change in the executive's confidence in the company.

Stakeholder Impact

• The sale of shares by the CEO could have a minor, temporary impact on the stock price, but is unlikely to have a significant long-term effect on shareholders.
• The transaction does not directly impact employees, customers, suppliers, or creditors.

Key Dates