Form 4: Robinhood Executive Steven M. Quirk Reports Stock Transactions

Steven M. Quirk, Chief Brokerage Officer at Robinhood Markets, Inc., reports the vesting and settlement of restricted stock units and associated tax withholding.

Summary

• On May 1, 2024, Steven M. Quirk, Chief Brokerage Officer of Robinhood Markets, Inc., had 43,402 restricted stock units (RSUs) vest and convert into Class A Common Stock.
• Robinhood withheld 19,228 shares to satisfy tax withholding obligations at a price of $16.49 per share.
• Following these transactions, Quirk directly owns 423,647 shares of Class A Common Stock and 303,820 RSUs.
• The vesting of the RSUs is part of a grant from March 24, 2022, under Robinhood's 2021 Omnibus Incentive Plan.
• A previous filing on March 5, 2024, incorrectly stated the vesting date of some RSUs, which has been clarified in this report.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing detailing stock transactions, which carries a neutral sentiment. The correction of a previous error adds a slightly negative aspect, but overall, it's a routine disclosure.

Future Outlook

The remaining RSUs from the March 2022 Grant are scheduled to vest in fifteen equal quarterly installments, subject to continued service.

Industry Context

This filing is a routine disclosure of stock transactions by a company executive, which is common practice in publicly traded companies like Robinhood. It provides transparency to investors regarding insider activity.

Comparison to Industry Standards

• Executive compensation packages often include stock options and restricted stock units to align management's interests with those of shareholders.
• The vesting schedule of the RSUs (quarterly installments) is a typical arrangement.
• Tax withholding practices related to RSU vesting are standard across publicly traded companies.
• Comparable companies such as Coinbase, Block, and Interactive Brokers also have executives who regularly report similar transactions.

Stakeholder Impact

• Shareholders are informed about the executive's stock ownership and transactions.
• The transactions have a minor impact on the company's share count due to the vesting of RSUs.

Key Dates