Form 4: SES AI Corp CFO Jing Nealis Disposes of Shares to Cover Tax Obligations
SEC Form 4 Filing
Jing Nealis, CFO of SES AI Corp, disposed of 11,025 shares of Class A Common Stock to cover withholding tax obligations related to the vesting of a restricted share award.
Summary
- On July 16, 2024, Jing Nealis, the CFO of SES AI Corp, disposed of 11,025 shares of Class A Common Stock.
- The disposal was to cover the reporting person's withholding tax obligations in connection with the vesting of a restricted share award.
- The shares were disposed of at a price of $1.35.
- Following the transaction, Nealis beneficially owns 1,990,447 shares of Class A Common Stock.
- This total includes 401,699 unvested shares of Class A Common Stock under a restricted share award granted on August 16, 2021, which vests over 36 months after the first anniversary.
- It also includes 824,552 shares of Class A Common Stock underlying restricted stock units, which are subject to forfeiture until they vest.
Sentiment
Score: 5
Explanation: This is a neutral event related to tax obligations and doesn't inherently indicate positive or negative sentiment towards the company's prospects.
Industry Context
This is a routine transaction related to executive compensation and tax obligations, common in publicly traded companies. It doesn't necessarily reflect a change in the executive's confidence in the company.
Comparison to Industry Standards
- Share disposals to cover tax obligations are a standard practice among executives at publicly traded companies.
- Vesting schedules for restricted stock awards, such as the one described (25% after one year, then monthly over three years), are common in the tech industry to incentivize long-term commitment.
- Comparable companies like QuantumScape or Solid Power also utilize similar equity compensation strategies for their executives.
Stakeholder Impact
- The disposal of shares has a minimal impact on shareholders as it is a small transaction related to tax obligations.
- There is no direct impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| August 16, 2021 | Date of grant for the restricted share award, vesting 25% on the first anniversary and then in equal monthly installments over the following 36 months. |
| July 16, 2024 | Date of the transaction where 11,025 shares were disposed of to cover tax obligations. |
| July 18, 2024 | Date of signature for the Form 4 filing. |
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