Form 4: Symbotic Inc. Executive Michael Dunn Reports Stock Sale to Cover Tax Obligations
SEC Form 4 Filing
Michael Dunn, a Senior Vice President at Symbotic Inc., sold shares of Class A Common Stock to cover tax withholding obligations related to the vesting of restricted stock units.
Summary
- On April 23, 2024, Michael Dunn, Senior Vice President at Symbotic Inc., converted 4,413 restricted stock units into Class A common stock.
- On April 24, 2024, Dunn sold 1,747 shares of Class A Common Stock at a price of $40.0778 per share.
- The sale was mandated by Symbotic's equity incentive plans to cover tax withholding obligations related to the vesting of restricted stock units.
- Following the reported transactions, Dunn directly owns 74,032 shares of Class A Common Stock and indirectly owns 75,779 shares through Dunn Family Holding LLC.
- Dunn also holds 30,891 restricted stock units.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the filing simply reports stock transactions to cover tax obligations, which is a routine event.
Industry Context
Executive stock sales are a common occurrence, particularly to cover tax obligations related to equity compensation. The impact on the stock price is usually minimal unless the sale is substantial or indicative of a broader trend among company insiders.
Stakeholder Impact
- The sale of shares by an executive could have a minor impact on shareholder sentiment, but is unlikely to have a significant effect given the reason for the sale.
Key Dates
| Date | Description |
|---|---|
| 01/23/2023 | Reporting Person was granted 52,952 restricted stock units that vest as follows: 1/3 of the restricted stock units vest on January 23, 2024, and 1/12 of the restricted stock units vest quarterly thereafter, subject to the Reporting Person continued service with the Issuer on the applicable vesting dates. |
| 01/25/2024 | Date of signature of the Attorney-in-Fact for Michael D. Dunn |
| 04/23/2024 | Date of conversion of restricted stock units to Class A Common Stock. |
| 04/24/2024 | Date of sale of Class A Common Stock. |
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.