Form 4: Serve Robotics CFO Brian Read Sells Shares to Cover Tax Obligations and Under 10b5-1 Plan

Brian Read, CFO of Serve Robotics Inc., sold 29,100 shares of common stock on May 2, 2025, to cover tax obligations and under a pre-arranged 10b5-1 sales plan.

Summary

• On May 2, 2025, Brian Read, the Chief Financial Officer of Serve Robotics Inc., sold 29,100 shares of the company's common stock.
• The sale was executed at a weighted average price of $7.0598 per share.
• 14,100 shares were sold to satisfy tax withholding obligations related to the settlement of vested Restricted Stock Units (RSUs).
• The remaining 15,000 shares were sold under a Rule 10b5-1 sales plan adopted on April 29, 2025.
• Following the transaction, Brian Read directly owns 240,900 shares of Serve Robotics Inc.
• Brian Read has granted a Power of Attorney to Evan Dunn, Ali Kashani, Touraj Parang and Jongmin Char to file Forms 3, 4, and 5 on his behalf.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing related to insider stock sales. It doesn't contain any information that would significantly impact the company's valuation positively or negatively.

Industry Context

This filing is a routine disclosure of insider stock sales, which are common and legal as long as they comply with SEC regulations, such as Rule 10b5-1. The use of 10b5-1 plans allows insiders to sell shares without being accused of trading on non-public information.

Comparison to Industry Standards

• Insider sales are a common occurrence in publicly traded companies.
• Executives often use Rule 10b5-1 plans to diversify their holdings or cover tax obligations.
• The volume of shares sold is relatively small compared to the total outstanding shares of Serve Robotics Inc.

Stakeholder Impact

• The stock sale may have a minor impact on shareholders due to the increased supply of shares in the market, but the effect is likely to be minimal.
• The sale does not directly impact employees, customers, suppliers, or creditors.

Key Dates

Keywords

Serve Robotics, Brian Read, Form 4, SEC Filing, Stock Sale, Insider Trading, Rule 10b5-1, CFO, RSU, Tax Withholding