Form 4: Intapp Executive Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Intapp's President of Industries, David Benjamin Harrison, sold a total of 4,554 shares of common stock to cover tax liabilities arising from vesting of share units.
Summary
- David Benjamin Harrison, President of Industries at Intapp, Inc., sold 4,554 shares of the company's common stock on November 22, 2024.
- The sales were executed in two transactions, with 2,082 shares sold at a weighted average price of $59.6617 and 2,472 shares sold at a weighted average price of $60.2352.
- These sales were made to cover tax liabilities incurred upon the vesting of performance share units and restricted share units.
- The transactions were conducted under a pre-arranged 10b5-1 trading plan established by the company on June 10, 2024.
- Following these transactions, Mr. Harrison still beneficially owns 22,373 shares of Intapp common stock.
Sentiment
Score: 5
Explanation: The document reflects a routine transaction for an executive to cover tax obligations. It is neither positive nor negative for the company's outlook.
Industry Context
This is a routine transaction for executives who receive stock-based compensation. The use of a 10b5-1 plan indicates that the sales were pre-planned and not based on any non-public information.
Comparison to Industry Standards
- Sales of stock by executives to cover tax obligations are common across the technology industry.
- The use of a 10b5-1 trading plan is a standard practice to avoid accusations of insider trading, similar to practices at companies like Salesforce and Microsoft.
- The volume of shares sold is relatively small compared to the total outstanding shares of Intapp, and is not unusual for an executive at this level.
Stakeholder Impact
- The stock sales are unlikely to have a significant impact on shareholders, as the volume is relatively small and the transactions were pre-planned.
Key Dates
| Date | Description |
|---|---|
| 06/10/2024 | Date the 10b5-1 trading plan was put in place by Intapp, Inc. |
| 11/22/2024 | Date of the stock sale transactions by David Benjamin Harrison. |
| 11/26/2024 | Date the Form 4 was signed by Brian Grube, Attorney-in-Fact. |
Keywords
Intapp, stock sale, insider trading, Form 4, David Benjamin Harrison, 10b5-1 plan, share units, tax liability
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