Form 4: Oric Pharmaceuticals CFO Sells Shares to Cover Tax Obligations After RSU Vesting
SEC Form 4 Filing
Oric Pharmaceuticals' Chief Financial Officer, Dominic Piscitelli, sold 8,851 shares to cover tax obligations following the vesting of restricted stock units.
Summary
- Dominic Piscitelli, the Chief Financial Officer of Oric Pharmaceuticals, engaged in transactions involving the company's common stock and restricted stock units (RSUs).
- On December 15, 2024, Piscitelli acquired 24,042 shares of common stock through the vesting of RSUs.
- Also on December 15, 2024, 24,042 RSUs vested, with 6,042 vesting from a 2022 grant, 8,000 from a 2023 grant, and 10,000 from a 2024 grant.
- On December 16, 2024, Piscitelli sold 8,851 shares of common stock at a weighted average price of $8.2813 per share.
- The sale of shares was to cover tax withholding obligations related to the vesting of the RSUs and was not a discretionary sale.
Sentiment
Score: 7
Explanation: The document reflects routine insider transactions related to stock-based compensation. There is no indication of any negative or positive sentiment, it is a standard procedure.
Industry Context
This is a routine transaction for executives who receive stock-based compensation. It is common for executives to sell shares to cover tax obligations when RSUs vest.
Comparison to Industry Standards
- The vesting schedule of the RSUs, with 1/3 vesting annually, is a common practice in the biotechnology industry.
- The sale of shares to cover tax obligations is a standard procedure for executives receiving equity compensation, similar to practices at companies like Gilead Sciences and Amgen.
Stakeholder Impact
- The sale of shares by the CFO may have a minor impact on the stock price, but it is not expected to be significant as it is a routine transaction.
Key Dates
| Date | Description |
|---|---|
| 12/15/2022 | First vesting date for 1/3 of the 2022 RSU grant. |
| 12/15/2023 | Second vesting date for 1/3 of the 2022 RSU grant and first vesting date for 1/3 of the 2023 RSU grant. |
| 12/15/2024 | Third vesting date for 1/3 of the 2022 RSU grant, second vesting date for 1/3 of the 2023 RSU grant, and first vesting date for 1/3 of the 2024 RSU grant. Also the date of the RSU vesting and share acquisition. |
| 12/16/2024 | Date of the sale of shares to cover tax obligations. |
| 12/17/2024 | Date the Form 4 was signed. |
| 12/15/2025 | Second vesting date for 1/3 of the 2023 RSU grant and first vesting date for 1/3 of the 2024 RSU grant. |
| 12/15/2026 | Second vesting date for 1/3 of the 2024 RSU grant. |
Keywords
Oric Pharmaceuticals, Dominic Piscitelli, RSU, Restricted Stock Units, Stock Sale, Tax Withholding, Insider Trading, Form 4
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