Form 4: Sangamo Therapeutics CEO Macrae Surrenders Shares for Tax Withholding
SEC Form 4 Filing
CEO Sandy Macrae surrendered shares of Sangamo Therapeutics stock to cover tax obligations related to vesting restricted stock units (RSUs).
Summary
- Sangamo Therapeutics CEO Sandy Macrae surrendered 16,115 shares on February 24, 2024, and 24,157 shares on February 25, 2024, to cover tax withholding requirements related to vesting RSUs.
- The shares were surrendered at a price of $1.13 per share, based on the closing stock price on February 23, 2024.
- These transactions are not discretionary trades but are required for tax purposes under the company's Amended and Restated 2018 Equity Incentive Plan.
- Following these transactions, Macrae directly owns 2,552,204 shares of Sangamo Therapeutics common stock.
- The remaining shares are subject to vesting schedules as outlined in the document.
Sentiment
Score: 5
Explanation: Neutral sentiment as the filing simply reports a routine transaction related to tax obligations on vested equity.
Future Outlook
The document outlines the vesting schedules for various RSU grants, indicating future equity compensation for the CEO contingent on continued service.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Stakeholder Impact
- The transaction has a minor dilutive effect on existing shareholders due to the shares being returned to the company for tax purposes.
Key Dates
| Date | Description |
|---|---|
| 02/25/2021 | Date of RSU grant that vested in final installment on February 25, 2024. |
| 02/25/2022 | Date of RSU grant that will vest in successive equal quarterly installments through February 25, 2025. |
| 02/24/2023 | Date of RSU grant that will vest in successive equal quarterly installments through February 24, 2026. |
| 01/22/2024 | Date of RSU grant that will vest as to one-half (1/2) of the shares on the first anniversary of the grant date, and the remainder of the shares will vest in 4 successive equal quarterly installments thereafter. |
| 02/23/2024 | Date used for closing stock price ($1.13/share) for tax withholding calculations. |
| 02/24/2024 | Date of first share surrender for tax withholding related to RSU vesting. |
| 02/25/2024 | Date of second share surrender for tax withholding related to RSU vesting. |
| 02/27/2024 | Date of Form 4 filing. |
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