Form 4: Tenable Holdings CEO Amit Yoran Reports Stock Transactions
SEC Form 4
Amit Yoran, CEO of Tenable Holdings, reports the sale and acquisition of common stock and derivative securities, including transactions to cover tax obligations related to vesting restricted stock units.
Summary
- Amit Yoran, the CEO, President, and Chairman of Tenable Holdings, Inc., filed a Form 4 detailing changes in beneficial ownership.
- On February 23, 2024, Yoran sold 5,359 shares of common stock at $47.67 per share to cover tax withholding obligations.
- On the same day, Yoran acquired 3,314 and 9,381 shares of common stock through the vesting of Performance Restricted Stock Units (PRSUs) and Restricted Stock Units (RSUs), respectively.
- On February 26, 2024, Yoran sold 16,091 shares of common stock at $47.72 per share.
- Following these transactions, Yoran directly owns 342,943 shares of common stock.
- Yoran also indirectly owns shares through grantor retained annuity trusts and a family trust.
- The reported transactions also include the vesting of PRSUs and RSUs, resulting in Yoran holding 26,520 and 75,051 derivative securities, respectively.
Sentiment
Score: 6
Explanation: The sentiment is neutral. The transactions are primarily related to tax obligations from vesting RSUs and PRSUs, and the CEO maintains a significant ownership stake.
Positives
- The vesting of restricted stock units indicates that performance metrics were met, as evidenced by the 106% payout for PRSUs.
- The CEO's continued holding of a significant number of shares demonstrates confidence in the company's future.
Future Outlook
The remaining shares underlying the RSUs and PRSUs will continue to vest in equal quarterly installments over 3 years, subject to the Reporting Person's continuous service with the Issuer.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors to gauge management's sentiment and potential future actions.
Stakeholder Impact
- The transactions may have a minor impact on shareholders due to the increased supply of shares from the sales, but this is likely offset by the positive signal of continued vesting of RSUs and PRSUs.
Key Dates
| Date | Description |
|---|---|
| 02/23/2022 | Date of grant for Performance Restricted Stock Units (PRSUs). |
| 02/22/2023 | Compensation Committee certified achievement of PRSUs granted on February 23, 2022. |
| 02/23/2023 | 25% of shares underlying PRSUs and RSUs vested. |
| 02/23/2024 | Date of stock sale and acquisition due to vesting of RSUs and PRSUs. |
| 02/26/2024 | Date of stock sale. |
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