Form 4: Palladyne AI Corp. Executive Denis Garagic Reports Share Disposal for Tax Obligations
SEC Form 4 Filing
Denis Garagic, Chief Technology Officer of Palladyne AI Corp., reports the disposal of 3,400 shares to cover tax obligations related to vesting restricted stock units.
Summary
- On March 29, 2024, Denis Garagic, the Chief Technology Officer of Palladyne AI Corp., disposed of 3,400 shares of common stock.
- The disposal was an exempt transaction to the issuer to satisfy tax withholding obligations arising from the vesting of restricted stock units (RSUs).
- The shares were disposed of at a price of $1.81 per share.
- Following the transaction, Garagic beneficially owns 551,716 shares, which includes shares represented by RSUs.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing related to an executive's stock transactions for tax purposes. It doesn't inherently convey positive or negative sentiment.
Industry Context
Form 4 filings are standard disclosures required by the SEC when company insiders, like officers and directors, trade in their company's stock. This filing indicates a transaction related to tax obligations from vested equity.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders, as it is a standard procedure for covering tax obligations.
Key Dates
| Date | Description |
|---|---|
| 03/29/2024 | Date of the share disposal transaction. |
| 03/29/2024 | Settlement date of 11,721 restricted stock units. |
| 04/02/2024 | Date of signature on the Form 4 filing. |
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