Form 4: Yext Director Brian Distelburger Reports Share Transactions Following Departure
SEC Form 4
Brian Distelburger, a director at Yext, Inc., reports transactions involving common stock and restricted stock units following the expiration of his term and accelerated vesting of his RSUs.
Summary
- Brian Distelburger, a director of Yext, Inc., reported transactions on June 12, 2024, related to common stock and restricted stock units (RSUs).
- These transactions occurred following the expiration of his term as a director at the 2024 Annual Stockholder Meeting, where he did not stand for re-election.
- The company accelerated the vesting of his unvested RSUs as of immediately prior to the expiration of his term on June 12, 2024.
- He acquired 18,750 shares and 31,250 shares of common stock through the vesting of RSUs.
- Shares were withheld to satisfy tax liability upon vesting of restricted stock units on June 12, 2024, resulting in the disposal of 13,089 shares at a price of $5.03.
- Following these transactions, Distelburger beneficially owns 3,166,975 shares of common stock.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing reporting insider transactions, with no inherent positive or negative sentiment. It reflects routine activity following a director's departure.
Industry Context
Form 4 filings are standard practice for reporting transactions by company insiders, providing transparency to investors.
Comparison to Industry Standards
- Similar filings are common among publicly traded companies like Yext, such as those from competitors like BrightLocal, Moz, and Semrush, where executives and directors regularly report their stock transactions.
- These filings are essential for maintaining market transparency and ensuring compliance with SEC regulations, mirroring practices observed across the tech industry and beyond.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | Brian Distelburger | June 12, 2024 | Term expired; did not stand for re-election |
Stakeholder Impact
- Shareholders are informed of insider transactions, promoting transparency.
- The accelerated vesting of RSUs impacts the company's equity structure.
Key Dates
| Date | Description |
|---|---|
| December 20, 2020 | One-sixteenth of shares subject to award vested for one RSU grant, then quarterly thereafter. |
| September 20, 2021 | One-sixteenth of shares subject to award vested for another RSU grant, then quarterly thereafter. |
| June 12, 2024 | Date of transactions and expiration of Distelburger's term as director; RSUs accelerated. |
| June 13, 2024 | Date of signature on the Form 4 filing. |
| September 20, 2024 | Original date the first RSU award was to fully vest. |
| June 20, 2025 | Original date the second RSU award was to fully vest. |
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