Form 4: Rafael Holdings CFO Reports Tax Withholding on Vesting
Insider Transaction Report (Form 4)
Rafael Holdings' CFO, David Polinsky, reported the withholding of 1,970 shares of Class B Common Stock for tax purposes following restricted stock vesting.
Summary
- David Polinsky, Chief Financial Officer of Rafael Holdings, Inc. (RFL), reported a transaction involving Class B Common Stock.
- On September 21, 2025, 1,970 shares of Class B Common Stock, par value $.01 per share, were disposed of at a price of $1.49 per share.
- This disposition was due to shares being withheld by the Issuer for tax purposes upon the vesting of Restricted Stock.
- Following this transaction, Mr. Polinsky beneficially owns a total of 266,105 shares.
- His beneficial ownership consists of 76,882 shares held directly, 74,223 fully vested restricted shares, and 115,000 unvested restricted shares.
- The unvested restricted shares have various vesting schedules extending through January 2029.
Sentiment
Score: 5
Explanation: Neutral, as this is a routine tax-related transaction for restricted stock vesting and does not indicate any fundamental change in the company's operations or outlook.
Future Outlook
David Polinsky holds 115,000 unvested restricted shares that are scheduled to vest in various tranches. These include quarterly vestings of 6,250 shares from December 21, 2025, through December 21, 2026; 3,750 shares on September 23, 2025; 10,000 shares on each of October 25, 2025, October 25, 2026, and October 25, 2027; and 12,500 shares on each of January 13, 2026, January 13, 2027, January 13, 2028, and January 13, 2029.
Industry Context
This filing represents a routine insider transaction related to equity compensation and tax obligations, which is a common occurrence across all industries for executives receiving restricted stock units or similar awards.
Stakeholder Impact
- Shareholders: Minimal direct impact as this is a routine, non-discretionary transaction related to executive compensation and tax obligations. It does not reflect a change in management's confidence or company performance.
Next Steps
- Continued vesting of David Polinsky's remaining 115,000 unvested restricted shares according to the established schedule through January 2029.
Key Dates
| Date | Description |
|---|---|
| 09/21/2025 | Date of transaction where 1,970 shares were withheld for tax purposes upon restricted stock vesting. |
| 09/22/2025 | Date the Form 4 filing was signed. |
| 09/23/2025 | Vesting date for 3,750 unvested restricted shares. |
| 10/25/2025 | Vesting date for 10,000 unvested restricted shares. |
| 12/21/2025 | First quarterly vesting date for 6,250 unvested restricted shares. |
| 01/13/2026 | Vesting date for 12,500 unvested restricted shares. |
| 10/25/2026 | Vesting date for 10,000 unvested restricted shares. |
| 01/13/2027 | Vesting date for 12,500 unvested restricted shares. |
| 10/25/2027 | Vesting date for 10,000 unvested restricted shares. |
| 01/13/2028 | Vesting date for 12,500 unvested restricted shares. |
| 01/13/2029 | Vesting date for 12,500 unvested restricted shares. |
Keywords
Rafael Holdings, RFL, Form 4, Insider Transaction, David Polinsky, CFO, Restricted Stock, Tax Withholding, Equity Compensation
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