Form 4: Virgin Galactic Executive Sells Shares to Cover Tax Obligations
SEC Form 4 Filing
Alistair Burns, SVP and Chief Information Officer of Virgin Galactic, disposed of shares to cover tax withholding obligations related to vesting restricted stock units.
Summary
- On August 12, 2024, Alistair Burns, SVP and Chief Information Officer of Virgin Galactic Holdings, Inc., disposed of shares of common stock to cover tax withholding obligations.
- Two transactions occurred, both marked with transaction code 'F', indicating the shares were used to satisfy tax obligations.
- The first transaction involved the disposal of 2 shares at a price of $6.14 per share, related to the monthly vesting of restricted stock units granted on February 11, 2021.
- The second transaction involved the disposal of 2 shares at a price of $6.14 per share, related to the quarterly vesting of restricted stock units granted on October 27, 2021.
- Following these transactions, Burns directly owns 18,939 shares of Virgin Galactic common stock.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the transaction is a routine sale of shares to cover tax obligations, not indicative of a change in the executive's outlook on the company.
Industry Context
This is a routine transaction related to executive compensation and tax obligations. It is common for executives to sell shares to cover taxes when restricted stock units vest. It does not necessarily reflect a change in the executive's confidence in the company.
Key Dates
| Date | Description |
|---|---|
| February 11, 2021 | Date of grant for restricted stock units related to one of the tax withholding transactions. |
| October 27, 2021 | Date of grant for restricted stock units related to one of the tax withholding transactions. |
| August 12, 2024 | Date of the stock disposal transactions. |
| August 14, 2024 | Date of the report filing. |
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