Form 4: Passage Bio CFO Kathleen Borthwick Reports Stock Transactions
SEC Form 4
CFO Kathleen Borthwick reports acquisition of shares through RSU conversion and a sale to cover tax obligations.
Summary
- Kathleen Borthwick, CFO of Passage Bio, Inc., reported transactions involving the company's common stock.
- On February 10, 2025, 8,000 shares were acquired through the conversion of Restricted Stock Units (RSUs).
- Following this transaction, Borthwick directly owns 44,466 shares of common stock, which includes 4,000 shares acquired on May 16, 2024, and 4,000 shares acquired on November 16, 2024, under the 2020 Employee Stock Purchase Plan.
- On February 11, 2025, 3,183 shares were sold at a weighted average price of $0.5296 per share to satisfy tax withholding obligations related to the vesting of RSUs, resulting in a direct ownership of 41,283 shares.
- The sale was mandated by the Issuer's equity incentive plan as a 'sell to cover' transaction.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing reports routine stock transactions related to executive compensation.
Future Outlook
2/3 of the RSUs will vest on February 10, 2025, subject to the Reporting Person's continued service to the Issuer on each vesting date.
Industry Context
Form 4 filings are standard practice for reporting transactions by company insiders, providing transparency to investors.
Stakeholder Impact
- The transactions provide transparency to shareholders regarding insider activity.
Key Dates
| Date | Description |
|---|---|
| 05/16/2024 | 4,000 shares acquired under the 2020 Employee Stock Purchase Plan. |
| 11/16/2024 | 4,000 shares acquired under the 2020 Employee Stock Purchase Plan. |
| 02/10/2024 | 1/3 of the RSUs vested. |
| 02/10/2025 | Acquisition of 8,000 shares through RSU conversion; 2/3 of the RSUs will vest. |
| 02/11/2025 | Sale of 3,183 shares to cover tax obligations. |
| 02/12/2025 | Date of signature for the Form 4 filing. |
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