Form 4: Symbotic Inc. Executive Michael Dunn Reports Stock Transactions
SEC Form 4 Filing
Michael Dunn, a Senior Vice President at Symbotic Inc., reported the sale and acquisition of Class A Common Stock and the conversion of Restricted Stock Units, according to a recent SEC Form 4 filing.
Summary
- Michael Dunn, a Senior Vice President at Symbotic Inc., filed a Form 4 detailing changes in beneficial ownership.
- On April 1, 2024, Dunn sold 2,000 shares of Class A Common Stock at $45.52 per share, pursuant to a pre-arranged trading plan established on August 18, 2023.
- On the same day, 5,498 and 7,666 Restricted Stock Units converted into Class A Common Stock.
- On April 2, 2024, Dunn sold 5,444 shares at an average price of $43.2906 to cover tax withholding obligations related to the vesting of restricted stock units.
- Following these transactions, Dunn directly owns 71,366 shares and indirectly owns 76,810 shares through Dunn Family Holding LLC.
- The reported transactions include sales to cover tax obligations related to vesting restricted stock units, which are not discretionary trades.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing reporting stock transactions by an executive. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Industry Context
This filing is a routine disclosure of stock transactions by a company executive, which is common in publicly traded companies. It provides transparency into the executive's holdings and trading activities.
Comparison to Industry Standards
- Form 4 filings are standard practice for corporate insiders and are required by the SEC.
- The transactions reported are typical for executives who receive stock-based compensation and may periodically sell shares for diversification or to cover tax obligations.
- The use of a 10b5-1 trading plan is a common strategy to allow insiders to sell shares without being accused of trading on non-public information.
Stakeholder Impact
- The transactions may have a minor impact on shareholders as they reflect insider trading activity, but the amounts are relatively small.
- The sales to cover tax obligations are a standard practice and should not significantly affect the company's stock price.
Key Dates
| Date | Description |
|---|---|
| August 17, 2022 | Reporting person was granted 87,970 and 92,000 restricted stock units. |
| August 18, 2023 | Trading plan entered into by the Reporting Person. |
| March 11, 2024 | 65,646 securities previously owned directly by the Reporting Person were contributed to Dunn Family Holding LLC. |
| April 1, 2024 | Sale of 2,000 shares of Class A Common Stock and conversion of 5,498 and 7,666 Restricted Stock Units. |
| April 2, 2024 | Sale of 5,444 shares of Class A Common Stock to cover tax withholding obligations. |
| April 3, 2024 | Date of signature on the Form 4 filing. |
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