Form 4: ThredUp Chief Legal Officer Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Alon Rotem, Chief Legal Officer of ThredUp Inc., reports transactions involving Class A Common Stock and Restricted Stock Units (RSUs) on March 1, 2024.
Summary
- On March 1, 2024, Alon Rotem, the Chief Legal Officer of ThredUp Inc., reported changes in beneficial ownership of the company's securities.
- These changes involve transactions related to Class A Common Stock and Restricted Stock Units (RSUs).
- The transactions include the vesting of RSUs and the subsequent withholding of shares to cover tax obligations.
- Specifically, 15,944, 25,479, and 25,750 RSUs vested, resulting in the acquisition of corresponding shares of Class A Common Stock.
- Simultaneously, 8,926, 14,198, and 12,927 shares were withheld by ThredUp to satisfy tax obligations at a price of $2.11 per share.
- Following these transactions, Rotem's direct ownership of Class A Common Stock is 233,594 shares, and the number of derivative securities beneficially owned is 525,377 RSUs.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing, so the sentiment is neutral.
Industry Context
Form 4 filings are a routine part of compliance for company insiders and provide transparency into their transactions in the company's stock.
Stakeholder Impact
- The transactions reported may have a minor impact on shareholders due to the change in the number of outstanding shares.
Key Dates
| Date | Description |
|---|---|
| 04/11/2022 | Reporting Person was granted 176,607 RSUs, which vested 6.25% in quarterly installments on each of June 1, 2022, September 1, 2022 and December 1, 2022, and beginning on March 1, 2023, vest 9.03% in quarterly installments on March 1, June 1, September 1 and December 1 until fully vested. |
| 02/15/2023 | Reporting Person was granted 305,744 RSUs, vesting in twelve equal quarterly installments on June 1, September 1, December 1 and March 1 until fully vested. |
| 02/26/2024 | Reporting Person was granted 309,000 RSUs, vesting in twelve equal quarterly installments on June 1, September 1, December 1 and March 1 until fully vested. |
| 03/01/2024 | Date of earliest transaction: vesting of RSUs and tax withholding. |
| 03/05/2024 | Date of signature for the Form 4 filing. |
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