Form 4: Twist Bioscience CEO Emily Leproust Reports Stock Sale to Cover Tax Obligations
SEC Form 4 Filing
Emily Leproust, CEO of Twist Bioscience, sold 4,163 shares of common stock on May 3, 2024, to cover tax withholding obligations related to vesting restricted stock units.
Summary
- On May 3, 2024, Emily M. Leproust, the CEO of Twist Bioscience, sold 4,163 shares of common stock at a price of $37.134 per share.
- The sale was executed to cover tax withholding obligations associated with the vesting of restricted stock units.
- Following the transaction, Leproust directly owns 509,986 shares of Twist Bioscience common stock.
- Leproust also holds various employee stock options with different exercise prices and expiration dates.
- These options include 24,360 shares exercisable at $5.95, 150,879 shares at $8.82, 266,539 shares at $26.66, 131,290 shares at $23.33, and 64,950 shares at $67.85.
- Some of these options are immediately exercisable, while others vest over time based on continued service.
- Performance stock options for 64,950 shares, granted on September 1, 2020, vested on December 19, 2022, after meeting performance criteria.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing related to stock transactions. It doesn't contain any information that would significantly impact investor sentiment positively or negatively.
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 unusually large or indicative of a change in the executive's confidence in the company's future.
Comparison to Industry Standards
- Executive compensation practices, including stock options and restricted stock units, are standard across the biotechnology industry.
- Companies like Illumina (ILMN) and Agilent Technologies (A) also utilize similar equity-based compensation plans for their executives.
- The vesting schedules and exercise prices of Leproust's options are within the typical range for CEOs in comparable companies.
Stakeholder Impact
- The stock sale is unlikely to have a significant impact on shareholders, employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 09/01/2016 | 25% of shares subject to one option vested |
| 09/28/2017 | 10% of shares subject to one option vested |
| 09/28/2018 | 15% of shares subject to one option vested |
| 10/31/2019 | 20% of shares subject to one option vested |
| 09/01/2020 | Performance stock options granted |
| 10/24/2020 | 25% of shares subject to one option vested |
| 12/19/2022 | Performance stock options vested |
| 05/03/2024 | Emily Leproust sold 4,163 shares of TWST |
| 05/07/2024 | Date of Form 4 filing |
| 09/28/2025 | Expiration date of one employee stock option |
| 09/28/2027 | Expiration date of one employee stock option |
| 11/18/2028 | Expiration date of one employee stock option |
| 10/23/2029 | Expiration date of one employee stock option |
| 08/31/2030 | Expiration date of one employee stock option |
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