Form 4: Seres Therapeutics Executive Sells Shares to Cover Taxes After RSU Vesting
SEC Form 4
Teresa L. Young, EVP, Chief Commercial & Strategy Officer of Seres Therapeutics, sold 24,480 shares of common stock on August 5, 2024, to cover taxes related to the vesting of restricted stock units.
Summary
- On August 3, 2024, Teresa L. Young, EVP, Chief Commercial & Strategy Officer of Seres Therapeutics, had 85,000 restricted stock units vest.
- These units converted into common stock.
- On August 5, 2024, Young sold 24,480 shares of Seres Therapeutics common stock at a weighted average price of $1.0839 per share.
- The sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on February 28, 2023, to cover taxes associated with the vesting of the restricted stock units.
- Following the reported transactions, Young beneficially owns 78,178 shares of Seres Therapeutics common stock.
Sentiment
Score: 5
Explanation: The document describes a routine transaction (stock sale for tax purposes) by an executive, which is neither particularly positive nor negative.
Industry Context
Sales by company executives are a normal part of equity compensation and are often planned in advance using 10b5-1 trading plans to avoid accusations of insider trading. It is common for executives to sell shares to cover tax obligations when restricted stock units vest.
Key Dates
| Date | Description |
|---|---|
| 2023-02-28 | Date of adoption of Rule 10b5-1 trading plan |
| 2024-08-03 | Restricted stock units vested |
| 2024-08-05 | Date of stock sale |
| 2024-08-06 | Date of Form 4 filing |
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