Form 4: Xeris Biopharma CFO Steven Pieper Reports Share Withholdings for Tax Obligations

Steven Pieper, CFO of Xeris Biopharma Holdings, reports the withholding of shares to cover income tax obligations related to RSU vesting.

Summary

• This Form 4 filing details changes in beneficial ownership of Xeris Biopharma Holdings, Inc. common stock by Steven Pieper, the Chief Financial Officer.
• The report covers transactions from January 29, 2022, to July 28, 2024.
• The transactions involve the withholding of shares by Xeris Biopharma to satisfy income tax obligations related to the net settlement of Restricted Stock Units (RSUs) that vested on various dates.
• A total of 207,315 shares were withheld across the reported transactions.
• After these transactions, Pieper directly owns 1,422,337 shares of Xeris Biopharma common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing is a routine disclosure of share withholdings for tax purposes. The late filing of one transaction is a minor negative.

Negatives

• The initial transaction on January 29, 2022, was reported late due to administrative oversight.

Risks

• The continued need to withhold shares for tax obligations could dilute shareholder value over time.
• Administrative oversights in reporting transactions could raise concerns about internal controls.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Comparison to Industry Standards

• Similar to other publicly traded companies, Xeris Biopharma's executives are required to disclose changes in their ownership positions.
• The frequency and magnitude of share withholdings for tax obligations are common among companies that grant RSUs as part of their compensation packages.
• Companies like Eli Lilly and Novo Nordisk also report similar transactions by their executives.

Stakeholder Impact

• Shareholders may experience slight dilution due to the shares withheld for tax obligations.
• Employees receiving RSUs will be subject to similar tax withholding practices.

Key Dates