4/A: Procept BioRobotics CEO Reza Zadno Corrects Errors in Form 4 Filing Regarding Stock Options and Restricted Stock Units

Reza Zadno, CEO of Procept BioRobotics, files an amended Form 4 to correct clerical errors in the number of shares related to stock options and restricted stock units (RSUs) granted on March 6, 2024.

Summary

• This is an amended Form 4 filing by Reza Zadno, the President and CEO of Procept BioRobotics Corp.
• The amendment corrects clerical errors in the original Form 4 filed on March 7, 2024.
• The errors pertain to the number of shares of common stock granted in the form of Restricted Stock Units (RSUs) and underlying a stock option granted to Zadno on March 6, 2024.
• The corrected filing shows that Zadno acquired 48,575 shares of common stock through RSUs on March 6, 2024, at a price of $0.
• These RSUs vest 1/4th annually starting March 5, 2024, over three years, contingent upon continued employment.
• The corrected filing also shows that Zadno acquired a stock option for 42,311 shares of common stock at an exercise price of $47.17 on March 6, 2024.
• These options vest 1/48th monthly starting March 5, 2024, over four years, contingent upon continued employment.
• Following the reported transactions, Zadno beneficially owns 249,531 shares of common stock and stock options for 42,311 shares.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing correcting errors in previously reported information. It doesn't contain any particularly positive or negative news, but the correction itself is a positive step towards transparency.

Positives

• The amendment ensures accurate reporting of Zadno's holdings in Procept BioRobotics.
• The vesting schedules for both RSUs and stock options incentivize continued service by the CEO.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, ensuring transparency and compliance with SEC regulations.

Comparison to Industry Standards

• Stock option and RSU grants are common forms of executive compensation in the biotechnology industry, aligning management's interests with those of shareholders.
• Vesting schedules are typical for these types of grants, incentivizing long-term commitment and performance.

Stakeholder Impact

• Shareholders benefit from accurate reporting of insider ownership.
• Employees, including the CEO, are impacted by the vesting schedules of the equity grants.

Key Dates