Form 4: Vaxcyte CEO Sells Shares for Tax Obligations

Vaxcyte, Inc. CEO Grant Pickering disposed of 7,356 shares of common stock to cover tax withholding obligations related to RSU vesting.

Summary

• Grant Pickering, Chief Executive Officer and Director of Vaxcyte, Inc. (PCVX), reported a transaction on September 8, 2025.
• The transaction involved the disposition of 7,356 shares of Vaxcyte common stock.
• These shares were surrendered to the Issuer to cover applicable tax withholding obligations realized upon the vesting of Restricted Stock Units (RSUs).
• The shares were valued at $32.41 per share for the purpose of this transaction.
• Following this transaction, Mr. Pickering directly beneficially owns 500,908 shares of common stock.
• Additionally, he indirectly beneficially owns 272,430 shares through two children's trusts (136,215 shares for his son's trust and 136,215 shares for his daughter's trust).

Sentiment

Score: 5

Explanation: The transaction is a routine, non-discretionary 'sell to cover' for tax purposes upon RSU vesting, which is neutral in terms of company performance or executive sentiment.

Positives

• The transaction indicates the vesting of Restricted Stock Units (RSUs) for the CEO, which is a positive event for the executive as it represents earned compensation.

Industry Context

This type of 'sell to cover' transaction is a routine and non-discretionary event for executives in publicly traded companies when Restricted Stock Units (RSUs) vest, as it is required to satisfy tax withholding obligations.

Comparison to Industry Standards

• The 'sell to cover' transaction for tax withholding upon RSU vesting is a standard practice across industries for executive compensation, aligning with common corporate governance and tax compliance procedures. It does not indicate a discretionary sale or a change in the executive's investment conviction.

Stakeholder Impact

• Shareholders: Minimal impact, as this is a routine, non-discretionary transaction for tax purposes and does not reflect a change in the executive's view of the company's prospects.

Key Dates

Recommendation

The Form 4 filing details a routine 'sell to cover' transaction by CEO Grant Pickering to satisfy tax obligations upon RSU vesting. This is a non-discretionary event and does not reflect a change in the executive's investment conviction or the company's fundamentals. Therefore, it does not warrant a change in investment recommendation based solely on this filing.

Keywords

Vaxcyte, PCVX, Grant Pickering, CEO, Director, Form 4, Insider Transaction, RSU Vesting, Stock Disposition, Tax Withholding, Common Stock, Beneficial Ownership