Form 4: Robinhood's Chief Legal Officer, Daniel Gallagher, Reports Stock Transactions
SEC Form 4 Filing
Daniel Gallagher, Chief Legal Officer of Robinhood Markets, Inc., reports the vesting and tax withholding of restricted stock units (RSUs) resulting in changes to his beneficial ownership of Class A Common Stock.
Summary
- On September 1, 2024, Daniel Gallagher, the Chief Legal Officer of Robinhood Markets, Inc., engaged in transactions involving Class A Common Stock and Restricted Stock Units (RSUs).
- A total of 195,982 RSUs vested and were settled, converting into Class A Common Stock on a one-for-one basis.
- Robinhood withheld 94,661 shares to satisfy tax withholding obligations related to the vesting of these RSUs at a price of $20.12 per share.
- Following these transactions, Gallagher directly owns 1,057,568 shares of Class A Common Stock.
- Gallagher also holds 173,612 RSUs from a March 24, 2022 grant, 0 RSUs from a September 7, 2022 grant, 664,894 RSUs from a March 22, 2023 grant and 341,797 RSUs from a March 20, 2024 grant.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, and carries a neutral sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders and their holdings in the company's stock.
Comparison to Industry Standards
- Monitoring insider transactions is a standard practice in corporate governance, ensuring transparency and preventing potential conflicts of interest.
- Companies like Coinbase, Block, and Interactive Brokers are also subject to similar reporting requirements for their executives' stock transactions.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
- The transactions have a minor impact on the overall share structure of the company.
Key Dates
| Date | Description |
|---|---|
| March 24, 2022 | Reporting Person was granted 462,963 RSUs under Robinhood's 2021 Omnibus Incentive Plan |
| June 1, 2022 | One-sixteenth (1/16) of the March 24, 2022 RSUs vested |
| September 7, 2022 | Reporting Person was granted 609,137 RSUs under the 2021 Plan |
| December 1, 2022 | One-eighth (1/8) of the September 7, 2022 RSUs vested |
| March 22, 2023 | Reporting Person was granted 1,063,830 RSUs under the 2021 Plan |
| June 1, 2023 | One-sixteenth (1/16) of the March 22, 2023 RSUs vested |
| March 20, 2024 | Reporting Person was granted 390,625 RSUs under the 2021 Plan |
| June 1, 2024 | One-sixteenth (1/16) of the March 20, 2024 RSUs vested |
| September 1, 2024 | Vesting and settlement of 195,982 RSUs; tax withholding of 94,661 shares. |
| September 4, 2024 | Date of signature for the Form 4 filing. |
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