Form 4: Palatin Technologies Executive VP Stephen Wills Reports Share Withholdings for Tax Obligations
SEC Form 4
Stephen Wills, Executive VP and CFO/COO of Palatin Technologies, reports the withholding of shares to cover employee withholding taxes, resulting in a decreased but still substantial direct ownership.
Summary
- On July 30, 2024, Stephen T. Wills, Executive VP and CFO/COO of Palatin Technologies, reported the withholding of common stock shares by the issuer to cover employee withholding taxes.
- These shares were withheld on Mr. Wills' election and with the issuer's consent.
- The transactions resulted in a decrease in Mr. Wills' directly owned common stock.
- The prices at which the shares were withheld ranged from $1.82 to $1.89.
- After these transactions, Mr. Wills directly owns 240,455 shares of Palatin Technologies common stock.
Sentiment
Score: 5
Explanation: This is a neutral event. It reflects routine tax-related share withholdings and doesn't indicate a change in the executive's overall confidence in the company.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into insider transactions. This filing indicates the standard practice of withholding shares to cover tax obligations upon the vesting of restricted stock units.
Stakeholder Impact
- The share withholdings have a minor dilutive effect on existing shareholders.
- Employees are impacted positively as their tax obligations related to vested shares are covered.
Key Dates
| Date | Description |
|---|---|
| 06/04/2024 | Transaction date for grants and vesting of restricted share units. |
| 06/16/2024 | Date of vesting for some restricted share units, used to determine per share value for tax withholding. |
| 06/20/2024 | Date of vesting for some restricted share units, used to determine per share value for tax withholding. |
| 06/22/2024 | Date of vesting for some restricted share units, used to determine per share value for tax withholding. |
| 07/30/2024 | Date of the reported transactions (share withholdings). |
| 07/31/2024 | Date of signature on the Form 4 filing. |
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