Form 4: FiscalNote Holdings CEO Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
FiscalNote Holdings CEO Tim Hwang sold 30,168 shares of Class A Common Stock on May 1, 2024, to cover tax obligations related to vesting restricted stock units.
Summary
- On May 1, 2024, Tim Hwang, Chairman, CEO, and Director of FiscalNote Holdings, Inc., sold 30,168 shares of Class A Common Stock at a price of $1.3288 per share.
- The sale was executed to satisfy the reporting person's tax obligation upon the vesting of 89,832 restricted stock units.
- The transaction 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.
- Hwang also indirectly owns 2,747,400 shares through the Timothy T. Hwang Revocable Trust, dated January 10, 2019, for which he serves as trustee.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing related to a stock sale for tax purposes. It doesn't inherently convey positive or negative sentiment.
Industry Context
Sales of shares by company executives are a common occurrence, often related to compensation and tax planning. The use of a 10b5-1 trading plan suggests the sale was pre-planned and not based on insider information.
Stakeholder Impact
- The sale of shares by the CEO could have a minor negative impact on shareholder sentiment, although the sale was pre-planned and for tax purposes.
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 |
| May 01, 2024 | Date of transaction (sale of shares) |
| May 03, 2024 | Date of signature on the SEC Form 4 filing |
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