Form 4: Intapp CFO Sells Shares to Cover Tax Obligations

Intapp's Chief Financial Officer, David H. Morton Jr., sold shares of common stock to cover tax liabilities arising from the vesting of performance and restricted share units.

Summary

• David H. Morton Jr., the Chief Financial Officer of Intapp, Inc., sold a total of 16,380 shares of common stock on November 21, 2024.
• The sales were executed in two separate transactions, with 1,377 shares sold at a weighted average price of $58.8488 and 15,003 shares sold at a weighted average price of $59.3404.
• These transactions were conducted to cover tax liabilities incurred upon the vesting of performance share units and restricted share units.
• The sales were made under a pre-arranged 10b5-1 trading plan established by the company on June 10, 2024.
• Following these transactions, Mr. Morton directly owns 46,538 shares of Intapp common stock.

Sentiment

Score: 5

Explanation: The document reflects a routine transaction for tax purposes, not indicative of any positive or negative sentiment towards the company's performance.

Industry Context

This is a routine transaction for executives who receive equity compensation. It is common for executives to sell shares to cover tax obligations when stock options or restricted stock units vest.

Comparison to Industry Standards

• Sales of shares by executives to cover tax liabilities are a common practice across the technology industry.
• Many companies use 10b5-1 plans to allow executives to sell shares in a pre-planned manner, avoiding accusations of insider trading.
• Comparable companies such as Salesforce, Workday, and ServiceNow also see similar transactions by their executives.

Stakeholder Impact

• The stock sales by the CFO are unlikely to have a significant impact on shareholders, as they were pre-planned and for tax purposes.

Key Dates

Keywords

Intapp, David H. Morton Jr., CFO, stock sale, Form 4, insider trading, 10b5-1 plan, tax liability, share units, equity