Form 4: Nine Energy Service Executive Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
David Crombie, Executive Vice President and Chief Operating Officer of Nine Energy Service, sold shares to cover tax obligations related to vesting restricted stock.
Summary
- On May 9, 2024, David Crombie, an executive at Nine Energy Service, sold 7,063 shares of common stock at a price of $1.974 per share.
- The sale was non-discretionary and intended to cover tax withholding obligations related to the vesting of a time-based restricted stock award granted on May 9, 2023.
- Following the transaction, Crombie directly owns 325,490 shares of Nine Energy Service common stock.
Sentiment
Score: 5
Explanation: The document describes a routine transaction (sale of shares to cover tax obligations). It doesn't indicate positive or negative sentiment towards the company's prospects.
Industry Context
Executive stock sales to cover tax obligations are a common occurrence, particularly after vesting of restricted stock units or option exercises. This event is specific to the individual's tax situation and compensation structure.
Stakeholder Impact
- The sale has a minimal impact on shareholders as it is a small percentage of the total outstanding shares and is related to an individual's tax obligations.
Key Dates
| Date | Description |
|---|---|
| 05/09/2023 | Date of the time-based restricted stock award grant. |
| 05/09/2024 | Date of the stock sale transaction. |
| 05/13/2024 | Date of signature on the Form 4 filing. |
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