Form 4: Symbotic Inc. Executive Michael Dunn Reports Stock Transactions
SEC Form 4 Filing
Michael Dunn, Senior Vice President at Symbotic Inc., reports the vesting and sale of Class A Common Stock to cover tax obligations.
Summary
- Michael Dunn, a Senior Vice President at Symbotic Inc., filed a Form 4 detailing changes in beneficial ownership.
- On October 23, 2024, 4,413 restricted stock units vested and converted into Class A common stock.
- To cover tax withholding obligations related to the vesting, Mr. Dunn sold 1,715 shares of Class A common stock on October 24, 2024, at a price of $28.7712 per share.
- The sales were mandated by the Issuer's election under its equity incentive plans to require the satisfaction of a tax withholding obligation to be funded by a 'sell to cover' transaction.
- Following these transactions, Mr. Dunn directly owns 87,922 shares and indirectly owns 22,065 shares of Symbotic Inc. Class A common stock through Dunn Family Holding LLC.
Sentiment
Score: 5
Explanation: The document reflects routine executive stock transactions related to compensation and tax obligations, indicating a neutral sentiment.
Industry Context
Executive stock transactions are a common occurrence in publicly traded companies and are often related to compensation and equity incentive plans. The 'sell to cover' transaction is a standard method for employees to manage tax obligations associated with vesting equity.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine sale of shares to cover tax obligations.
- The transaction does not directly impact employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| January 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. |
| January 23, 2024 | 1/3 of the 52,952 restricted stock units granted on January 23, 2023 vested. |
| October 23, 2024 | 4,413 restricted stock units vested and converted into Class A common stock. |
| October 24, 2024 | 1,715 shares of Class A common stock were sold at $28.7712 per share. |
| October 25, 2024 | Date of Form 4 filing. |
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