Form 4: Sprout Social CFO Joseph Del Preto Sells Shares to Cover Tax Obligations
SEC Form 4
Joseph Del Preto, CFO and Treasurer of Sprout Social, Inc., sold shares of Class A Common Stock on March 4, 2024, to cover tax obligations related to the settlement of restricted stock units.
Summary
- On March 4, 2024, Joseph Del Preto, the CFO and Treasurer of Sprout Social, Inc., sold shares of Class A Common Stock.
- The sales were executed under a pre-arranged 10b5-1 trading plan adopted on August 16, 2023.
- A total of 6,800 shares were sold at a price of $64.023 per share.
- An additional 1,300 shares were sold at a weighted average price of $63.89, with individual prices ranging from $63.14 to $64.11.
- Another 200 shares were sold at a weighted average price of $64.245, with individual prices ranging from $64.21 to $64.28.
- The sales were intended to cover tax obligations upon the settlement of restricted stock units (RSUs).
- Following the reported transactions, Del Preto directly owns 119,022 shares of Class A Common Stock.
- This total includes 3,692 RSUs vesting in 4 equal quarterly installments beginning June 1, 2024, 17,529 RSUs vesting in 8 equal quarterly installments beginning June 1, 2024, and 30,474 RSUs vesting in 12 equal quarterly installments beginning June 1, 2024.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock sales by an executive. It doesn't inherently convey positive or negative sentiment about the company's prospects.
Future Outlook
The document does not contain any specific forward-looking statements or guidance regarding the company's future performance.
Industry Context
This filing is a routine disclosure of insider trading activity, which is common for executives who receive stock-based compensation. The sale of shares to cover tax obligations is a typical practice.
Stakeholder Impact
- The sale of shares by an executive could have a minor impact on shareholder sentiment, but the pre-planned nature of the transactions mitigates this risk.
Key Dates
| Date | Description |
|---|---|
| 2022-11-21 | Irrevocable election made to cover tax obligations upon settlement of RSUs. |
| 2023-08-16 | Reporting Person adopted a 10b5-1 plan. |
| 2024-03-04 | Date of the reported transactions (sale of Class A Common Stock). |
| 2024-03-06 | Date of signature on the Form 4 filing. |
| 2024-06-01 | Vesting start date for various RSU tranches. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.