Form 4: Getty Images General Counsel Sells Shares to Cover Tax Obligations

Kjelti Kellough, General Counsel of Getty Images Holdings, Inc., sold 8,070 shares of Class A Common Stock on September 24, 2024, to cover mandatory tax withholding obligations.

Summary

• On September 24, 2024, Kjelti Kellough, the General Counsel of Getty Images Holdings, Inc., sold 8,070 shares of Class A Common Stock.
• The sale was executed at a weighted average price of $3.61 per share, with prices ranging from $3.57 to $3.65.
• The transaction was conducted to cover mandatory tax withholding obligations related to the vesting and settlement of restricted stock units.
• Following the transaction, Kellough directly owns 258,630 shares of Class A Common Stock.
• The sale was executed under a Rule 10b5-1 trading plan adopted in connection with the restricted stock unit award agreement dated March 16, 2023.
• A power of attorney is in place, granting Jennifer Leyden and Heather Wilde the authority to act on Kellough's behalf for SEC filings.

Sentiment

Score: 6

Explanation: The document is neutral in sentiment. It simply reports a transaction. The sale is related to tax obligations, which is a common and expected practice.

Future Outlook

There are no specific forward-looking statements in this document.

Industry Context

Insider sales are a common occurrence, especially to cover tax obligations related to stock-based compensation. The use of a 10b5-1 trading plan suggests the sale was pre-planned and not based on current market information.

Comparison to Industry Standards

• It is common for executives at publicly traded companies to utilize 10b5-1 trading plans to manage the sale of their shares.
• These plans allow insiders to sell shares at predetermined times and prices, avoiding accusations of trading on non-public information.
• The sale of shares to cover tax obligations is a standard practice among executives who receive stock-based compensation.
• Comparable companies such as Shutterstock and Adobe also see similar transactions from their executives.

Stakeholder Impact

• The sale of shares by an executive could have a minor negative impact on shareholder sentiment, but is unlikely to be significant given the reason for the sale.

Key Dates