Form 4: Sutro Biopharma Executive Anne Elizabeth Borgman Reports Changes in Beneficial Ownership Following RSU Vesting
SEC Form 4 Filing
Anne Elizabeth Borgman, Chief Medical Officer of Sutro Biopharma, reports changes in beneficial ownership of common stock and restricted stock units (RSUs) due to vesting and tax withholding related to her separation from the company.
Summary
- On May 1, 2025, Anne Elizabeth Borgman, Chief Medical Officer of Sutro Biopharma, reported changes in her beneficial ownership of the company's securities.
- These changes involve the vesting of restricted stock units (RSUs) and the subsequent withholding of shares to cover income tax obligations.
- Specifically, 53,125 RSUs vested, resulting in the acquisition of 53,125 shares of common stock.
- Additionally, 15,938 RSUs vested, resulting in the acquisition of 15,938 shares of common stock.
- The issuer withheld 24,709 shares of common stock at a price of $1.07 to satisfy income tax obligations related to the RSU vesting.
- Following these transactions, Borgman directly owns 97,452 shares of Sutro Biopharma common stock and 21,875 and 17,812 RSUs.
- These transactions are related to her separation and transition from her position with the issuer, as previously reported on March 13, 2025.
Sentiment
Score: 6
Explanation: The document itself is neutral as it is a regulatory filing. The underlying event (executive separation) could be viewed as slightly negative, but the filing itself is simply a procedural disclosure.
Future Outlook
The document does not contain any specific forward-looking statements regarding the company's future performance.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and changes in beneficial ownership, common in the biopharmaceutical industry.
Comparison to Industry Standards
- Executive compensation packages including RSUs are standard practice in the biopharmaceutical industry to incentivize performance and align executive interests with shareholder value.
- Tax withholding practices related to RSU vesting are also common and compliant with standard tax regulations.
- Comparable companies such as BioNTech, Moderna, and Incyte also utilize equity-based compensation for their executives.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Chief Medical Officer | Anne Elizabeth Borgman | Separation and transition from her position with the issuer |
Stakeholder Impact
- Shareholders are informed about changes in insider ownership.
- Employees may be affected by the departure of the Chief Medical Officer.
Key Dates
| Date | Description |
|---|---|
| 02/29/2024 | Beginning of annual vesting of 1/4th of the total RSU award. |
| 03/13/2025 | Date of Sutro Biopharma's Current Report on Form 8-K regarding Borgman's separation. |
| 03/01/2025 | RSUs vest as to 1/4th of the total award annually beginning on this date. |
| 05/01/2025 | Date of the reported transactions (RSU vesting and tax withholding). |
| 05/05/2025 | Date of signature on the Form 4 filing. |
| 02/28/2027 | Expiration date of some Restricted Stock Units. |
| 03/01/2028 | Expiration date of some Restricted Stock Units. |
Keywords
beneficial ownership, Form 4, Sutro Biopharma, RSU, stock, Borgman, vesting, securities
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