4/A: Nxu, Inc. Executive Corrects Previous SEC Filing Regarding Restricted Stock Units
SEC Filing
Mark Hanchett, CEO of Nxu, Inc., files an amended Form 4 to correct previously reported information regarding restricted stock units.
Summary
- Mark Hanchett, CEO of Nxu, Inc., filed an amended Form 4 with the SEC on April 19, 2024, to correct information previously reported on October 18, 2023.
- The original filing incorrectly stated that Hanchett was granted 442,613 Restricted Stock Units on October 15, 2023; this was not the case.
- The amended filing also corrects the aggregate amount of Restricted Stock Units Hanchett is eligible to receive, clarifying that he is eligible for $1,800,000 of Restricted Stock Units.
- These units vest monthly over 36 months, with the number of units granted each month calculated based on the closing share price on the first trading day preceding the 15th of each month.
- For the first 31 months starting June 30, 2023, the monthly amount is $40,277.78, and for the final five months from January 31, 2026, to May 31, 2026, the monthly amount is $110,277.
- On October 15, 2023, Hanchett was granted 223,765 Restricted Stock Units, which vested on October 31, 2023.
- Hanchett directly owns 26,636,659 shares of Class A Common Stock.
Sentiment
Score: 7
Explanation: The sentiment is neutral as it is a correction of a previous filing. There are no significant positive or negative implications for the company's financial health or future prospects.
Negatives
- The original Form 4 contained incorrect information regarding the grant and amount of Restricted Stock Units.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It ensures transparency and compliance with SEC regulations.
Stakeholder Impact
- Shareholders benefit from accurate and transparent reporting of executive compensation.
Key Dates
| Date | Description |
|---|---|
| 10/15/2023 | Date of earliest transaction and incorrect grant date of 442,613 Restricted Stock Units. |
| 10/18/2023 | Date of original Form 4 filing containing incorrect information. |
| 04/19/2024 | Date of amended Form 4 filing to correct previous errors. |
Keywords
Form 4, Restricted Stock Units, SEC Filing, Amendment, Beneficial Ownership, Nxu, Inc., Hanchett
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