Form 4: Palladyne AI Corp. Chief Technology Officer Reports Share Transaction

Palladyne AI Corp.'s Chief Technology Officer, Denis Garagic, disposed of 969 shares to cover tax obligations related to vesting restricted stock units.

Summary

• Denis Garagic, the Chief Technology Officer of Palladyne AI Corp., reported a transaction involving the company's common stock.
• On November 20, 2024, Mr. Garagic disposed of 969 shares of common stock at a price of $1.94 per share.
• This disposition was an exempt transaction to the issuer to satisfy tax withholding obligations arising from the vesting of restricted stock units (RSUs).
• The total number of shares beneficially owned by Mr. Garagic after the transaction is 551,805, which includes shares represented by RSUs.
• 3,351 RSUs settled on November 20, 2024, and were subsequently reduced by the 969 shares withheld for taxes.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing related to an executive's stock transaction. It does not indicate any positive or negative sentiment about the company's performance or future prospects.

Industry Context

This is a standard SEC Form 4 filing, which is a routine disclosure for company insiders when they trade company stock. It is common for executives to sell shares to cover tax obligations when restricted stock units vest.

Comparison to Industry Standards

• Form 4 filings are a standard practice for publicly traded companies in the United States, and this filing is consistent with those requirements.
• The transaction is typical for executives who receive stock-based compensation, as they often need to sell shares to cover taxes when their stock vests.
• The number of shares disposed of is relatively small compared to the total shares owned by the executive, which is a common scenario.

Stakeholder Impact

• The transaction has a minimal impact on shareholders as it is a routine sale of shares by an executive to cover tax obligations.

Key Dates

Keywords

Palladyne AI Corp, Denis Garagic, Chief Technology Officer, stock transaction, Form 4, restricted stock units, RSUs, tax withholding, beneficial ownership