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 in February and March 2024 to cover tax obligations related to vesting restricted stock units.
Summary
- Tim Hwang, the Chairman, CEO, and Director of FiscalNote Holdings, Inc., filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- On February 1, 2024, Hwang sold 30,131 shares of Class A Common Stock at a price of $1.3921 per share.
- On March 1, 2024, he sold 29,284 shares of Class A Common Stock at a price of $1.8184 per share.
- These sales were executed to satisfy tax obligations upon the vesting of 89,832 restricted stock units, using a sell-to-cover transaction under a Rule 10b5-1 trading plan adopted on August 11, 2023.
- Following these transactions, Hwang directly owns 49,318 shares and indirectly owns 2,808,999 shares through the Timothy T. Hwang Revocable Trust.
Sentiment
Score: 5
Explanation: The document is a routine SEC filing detailing stock sales for tax purposes. It doesn't inherently convey positive or negative sentiment.
Industry Context
Executive stock sales are a common occurrence, often related to compensation and tax planning. The use of a Rule 10b5-1 trading plan suggests the sales were pre-planned and not based on insider information.
Stakeholder Impact
- The stock sales could have a minor impact on shareholders due to the increased supply of shares in the market, but the pre-planned nature of the sales mitigates concerns about insider trading or negative outlook.
Key Dates
| Date | Description |
|---|---|
| 2019-01-10 | Original date of the Timothy T. Hwang Revocable Trust |
| 2023-08-11 | Date of adoption of Rule 10b5-1 trading plan |
| 2024-02-01 | Date of first stock sale |
| 2024-03-01 | Date of second stock sale |
| 2024-03-05 | Date of Form 4 filing |
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