Form 4: SurgePays CEO Kevin Brian Cox Acquires 83,334 Restricted Shares
SEC Form 4
SurgePays CEO and Chairman Kevin Brian Cox reports the acquisition of 83,334 restricted shares on June 1, 2024, as part of an RSA grant.
Summary
- Kevin Brian Cox, CEO and Chairman of the Board of SurgePays, Inc., reported the acquisition of 83,334 restricted shares of common stock on June 1, 2024.
- These shares are part of a larger RSA grant under the SurgePays, Inc. 2022 Omnibus Securities and Incentive Plan.
- The RSA grants vest according to a schedule, with 83,334 RSAs vesting on July 1, 2024, August 1, 2024, September 1, 2024, October 1, 2024, November 1, 2024, and December 1, 2024.
- An additional 500,000 RSAs will vest on June 1 of each year from 2025 to 2028.
- Following the reported transaction, Cox beneficially owns 5,620,428 shares, including shares owned directly and indirectly through entities like BLC Family Investments, SMDMM, LLC, and BC Family Holdings.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive. The acquisition of shares by the CEO is generally a good sign, indicating confidence in the company's future. The transaction is part of a pre-defined compensation plan, reducing the impact of the announcement.
Positives
- The acquisition of restricted shares by the CEO demonstrates alignment with the company's long-term success.
- The vesting schedule provides ongoing incentives for the CEO to remain with the company.
Future Outlook
The document outlines future RSA grants to the executive through June 1, 2028, contingent on continued employment.
Industry Context
This filing is a routine disclosure of insider transactions, which is common for publicly traded companies. It provides transparency regarding the ownership stake of key executives.
Stakeholder Impact
- The increased ownership stake of the CEO could potentially increase shareholder confidence.
Key Dates
| Date | Description |
|---|---|
| 06/01/2024 | Date of transaction: Acquisition of 83,334 restricted shares. |
| 07/01/2024 | Vesting date for 83,334 RSAs. |
| 08/01/2024 | Vesting date for 83,334 RSAs. |
| 09/01/2024 | Vesting date for 83,333 RSAs. |
| 10/01/2024 | Vesting date for 83,333 RSAs. |
| 11/01/2024 | Vesting date for 83,333 RSAs. |
| 12/01/2024 | Vesting date for 83,333 RSAs. |
| 06/01/2025 | Vesting date for 500,000 RSAs. |
| 06/01/2026 | Vesting date for 500,000 RSAs. |
| 06/01/2027 | Vesting date for 500,000 RSAs. |
| 06/01/2028 | Vesting date for 500,000 RSAs. |
| 06/03/2024 | Date of Form 4 filing. |
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