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

Tim Hwang, Chairman and CEO of FiscalNote Holdings, sold shares of Class A Common Stock to cover tax obligations related to vesting restricted stock units.

Summary

• Tim Hwang, the Chairman, CEO, and Director of FiscalNote Holdings, Inc., sold 31,028 shares of Class A Common Stock on June 3, 2024.
• The sale was executed at a price of $1.1859 per share.
• The transaction was made to satisfy the reporting person's tax obligation upon the vesting of 89,832 restricted stock units.
• The sale was conducted under 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 2,716,372 shares through the Timothy T. Hwang Revocable Trust.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the transaction appears to be a routine sale to cover tax obligations under a pre-existing trading plan. It doesn't necessarily indicate a positive or negative outlook on the company.

Industry Context

Sales by insiders are a common occurrence, especially to cover tax obligations related to vesting equity. 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 the CEO could have a minor negative impact on shareholder sentiment, although it is likely to be minimal given the context of tax obligations and the pre-arranged trading plan.

Key Dates