Form 4: Red Robin CEO Hart Sells Shares to Cover Tax Obligations After Stock Units Vest
SEC Form 4
Red Robin CEO Gerard Johan Hart sold 18,048 shares of common stock on September 13, 2024, to cover tax obligations related to the vesting of restricted stock units.
Summary
- On September 13, 2024, Red Robin Gourmet Burgers Inc. CEO Gerard Johan Hart disposed of 18,048 shares of common stock.
- The shares were sold at a price of $3.26 per share.
- This transaction was to cover tax withholding obligations related to the vesting of 41,254 time-based restricted stock units granted on September 13, 2022.
- Following the transaction, Hart still beneficially owns 598,734 shares, including 404,632 restricted stock units subject to vesting and forfeiture restrictions.
- The transaction was approved by the issuer's Compensation Committee and is exempt from Section 16(b) of the Exchange Act.
Sentiment
Score: 5
Explanation: This is a neutral event. The CEO sold shares to cover taxes, which is a normal part of executive compensation. It doesn't indicate a positive or negative outlook for the company.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and stock ownership. It doesn't necessarily indicate a change in the company's outlook or strategy.
Key Dates
| Date | Description |
|---|---|
| September 13, 2022 | Date of grant for 41,254 time-based restricted stock units. |
| September 13, 2024 | Date of transaction: sale of 18,048 shares to cover tax obligations. |
| September 17, 2024 | Date of signature on the Form 4 filing. |
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