Form 4: Verano Holdings President Darren Weiss Sells Shares to Cover Tax Obligations and Under 10b5-1 Plan
SEC Form 4 Filing
Verano Holdings President Darren Weiss sold shares to cover tax obligations related to settled Restricted Stock Units and also executed sales under a pre-arranged 10b5-1 trading plan.
Summary
- Darren Weiss, President of Verano Holdings Corp., sold Class A Subordinate Voting Shares on June 14, 2024, and June 18, 2024.
- On June 14, 2024, 48,700 shares were sold at a weighted average price of $3.6066 per share to cover tax withholding obligations related to the settlement of Restricted Stock Units.
- These sales were not discretionary and were part of sell-to-cover transactions agreed upon in grant agreements signed on June 23, 2022, and June 1, 2023.
- On June 18, 2024, 31,197 shares were sold at a weighted average price of $3.3684 per share under a Rule 10b5-1 trading plan adopted on August 28, 2023.
- Following these transactions, Weiss directly owns 554,941 Class A Subordinate Voting Shares.
Sentiment
Score: 5
Explanation: The document is a standard SEC Form 4 filing, indicating insider trading activity. The sales appear to be routine and pre-planned, so the sentiment is neutral.
Industry Context
Sales by company insiders are common and can be for a variety of reasons, including diversification, tax obligations, or pre-planned trading strategies. The use of a 10b5-1 trading plan allows insiders to sell shares without being accused of trading on non-public information.
Stakeholder Impact
- The share sales could have a minor negative impact on shareholder sentiment, although the sales were pre-planned and for routine purposes.
Key Dates
| Date | Description |
|---|---|
| June 23, 2022 | Date of initial Restricted Stock Unit grant agreement. |
| June 1, 2023 | Date of another Restricted Stock Unit grant agreement. |
| August 28, 2023 | Date the Rule 10b5-1 trading plan was adopted. |
| June 14, 2024 | Date of the first reported share sale (48,700 shares). |
| June 18, 2024 | Date of the second reported share sale (31,197 shares). |
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