Form 4: Five9 Executive Sells Shares to Cover Taxes and Under 10b5-1 Plan

Panos Kozanian, EVP of Product Engineering at Five9, Inc., sold shares of common stock on September 4, 2024, to cover taxes and under a pre-arranged 10b5-1 trading plan.

Summary

• On September 4, 2024, Panos Kozanian, EVP of Product Engineering at Five9, Inc., sold 3,987 shares of common stock at a weighted average price of $29.91.
• He also sold 3,630 shares of common stock at a weighted average price of $30.15 on the same day.
• These sales were executed to cover taxes upon the vesting of restricted stock units and pursuant to a Rule 10b5-1 trading plan adopted on March 13, 2024.
• Following these transactions, Kozanian directly owns 76,628 shares of Five9 common stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports stock sales by an executive under a pre-arranged plan. It doesn't inherently indicate positive or negative news about the company's performance.

Industry Context

Insider sales are a common occurrence, especially when related to tax obligations from vesting equity. The use of a 10b5-1 plan indicates a pre-arranged strategy to avoid accusations of trading on inside information.

Stakeholder Impact

• The stock sale may have a minor impact on shareholders due to the increased supply of shares in the market, but the effect is likely minimal given the relatively small volume of shares sold.

Key Dates