Form 4: FiscalNote Holdings CEO Tim Hwang Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Tim Hwang, 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 shares of Class A Common Stock on August 1, 2024.
- The sales were executed to satisfy tax obligations upon the vesting of restricted stock units.
- A total of 31,319 shares were sold at $1.385 per share and 25,000 shares were sold at a weighted average price of $1.451 per share.
- These transactions were conducted under a pre-arranged Rule 10b5-1 trading plan.
- Following the transactions, Hwang indirectly owns 2,605,724 shares through the Timothy T. Hwang Revocable Trust.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing stock sales for tax purposes, which is a neutral event.
Industry Context
Sales of shares by company executives are a common occurrence, often related to compensation and tax planning. The use of Rule 10b5-1 plans allows insiders to sell shares without being accused of trading on non-public information.
Stakeholder Impact
- The sale of shares by the CEO could have a minor impact on shareholder sentiment, but the pre-planned nature of the sales mitigates this risk.
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 |
| March 20, 2024 | Date of adoption of Rule 10b5-1 trading plan |
| August 01, 2024 | Date of stock sale transactions |
| August 05, 2024 | Date of signature on the Form 4 filing |
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