Form 4: SES AI Corp CFO Jing Nealis Executes Option and Sells Shares Under 10b5-1 Plan
SEC Form 4 Filing
Jing Nealis, CFO of SES AI Corp, exercised stock options and sold 50,000 shares of Class A Common Stock on August 29, 2024, according to a Form 4 filing with the SEC.
Summary
- On August 29, 2024, Jing Nealis, the CFO of SES AI Corp, exercised stock options to acquire 50,000 shares of Class A Common Stock at a price of $0.16 per share.
- Simultaneously, Nealis sold 50,000 shares of Class A Common Stock at a weighted average price of $1.0502, with individual sales ranging from $1.03 to $1.065.
- These transactions were executed under a pre-arranged Rule 10b5-1 trading plan established on May 30, 2024.
- Following these transactions, Nealis directly owns 1,979,422 shares of Class A Common Stock.
- This total includes 370,799 unvested shares granted on August 16, 2021, which vest over time, and 824,552 shares underlying restricted stock units that are subject to forfeiture until vested.
- Nealis also holds options to purchase 1,136,555 shares of Class A Common Stock, granted on February 10, 2021, which vest over time.
Sentiment
Score: 5
Explanation: The filing is a standard disclosure of insider transactions and doesn't convey any specific positive or negative sentiment about the company's performance or future prospects. The transactions were executed under a pre-arranged 10b5-1 trading plan.
Industry Context
This filing is a routine disclosure of insider transactions and doesn't necessarily indicate a change in the company's prospects or management's confidence. It is common for executives to utilize 10b5-1 plans to diversify their holdings and avoid accusations of trading on inside information.
Comparison to Industry Standards
- Executive compensation and stock ownership are common across the industry.
- The use of 10b5-1 plans is a standard practice for corporate insiders to manage their stock transactions.
- Comparable companies such as QuantumScape, Solid Power, and StoreDot also have executives with stock option and RSU grants.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the change in ownership, but the impact is likely minimal given the relatively small number of shares involved.
- The transactions do not appear to have a direct impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 2021-02-10 | Date of stock option grant that will vest 25% on the first anniversary of the grant date and continue to vest in equal monthly installments over the following 36 months, subject to the Reporting Person's continued service on the vesting date. |
| 2021-08-16 | Date of restricted share award grant. The restricted share award vested 25% on the first anniversary of the grant date and will vest in equal monthly installments over the following 36 months, subject to the reporting person's continued service on each vesting date. |
| 2024-05-30 | Date the Reporting Person entered into a Rule 10b5-1 plan. |
| 2024-08-29 | Date of option exercise and sale of Class A Common Stock. |
| 2031-02-09 | Expiration date of stock options. |
| 2024-08-30 | Date of signature on the Form 4 filing. |
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