Form 4: nCino VP of Accounting, Jeanette Sellers, Sells Shares to Cover Tax Obligations

Jeanette Sellers, VP of Accounting at nCino, Inc., sold a total of 879 shares of common stock on May 2nd and 3rd, 2024, to cover tax withholding obligations related to vesting RSUs.

Summary

• Jeanette Sellers, VP of Accounting at nCino, Inc., reported the sale of company stock.
• The transactions occurred on May 2nd and May 3rd, 2024.
• A total of 431 shares were sold on May 2nd at a price of $30.632 per share.
• On May 3rd, 448 shares were sold at $30.202 per share.
• The sales were executed to cover tax withholding obligations upon the vesting of Restricted Stock Units (RSUs).
• Following the reported transactions, Sellers beneficially owns 29,513 shares of nCino common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral. The stock sales are part of a standard procedure to cover tax obligations, and there is no indication of any negative sentiment towards the company.

Positives

• The sales were part of a pre-defined plan to cover tax obligations, indicating standard company procedure.

Future Outlook

There is no future outlook provided in this document.

Management Comments

• The 'sales to cover' are mandated by the Issuer's equity incentive plans to satisfy tax withholding obligations and do not represent a discretionary trade by the reporting person.

Industry Context

Sales of shares to cover tax obligations upon vesting of RSUs are a common practice among company executives and employees who receive equity compensation. This is a standard procedure and doesn't necessarily reflect a change in the executive's confidence in the company.

Comparison to Industry Standards

• Similar sales to cover tax obligations are routinely seen at other publicly traded companies such as Salesforce (CRM) and Veeva Systems (VEEV), which also offer equity compensation to their employees.
• These transactions are typically disclosed via Form 4 filings with the SEC.

Stakeholder Impact

• The stock sales may have a minor, temporary impact on the stock price due to the increased selling volume, but this is likely to be minimal given the reason for the sales.

Key Dates