Director Jennifer Cook Reports RSU Grant and Tax-Related Share Sale
Rhea-AI Filing Summary
Jennifer E. Cook, a director of Jazz Pharmaceuticals (JAZZ), reported equity activity involving restricted stock units and a share sale on Form 4. The filing shows a grant of 3,507 restricted stock units under the company's director award plan; each unit represents a contingent right to one ordinary share and the units vest in full on July 24, 2026 subject to continuous service and plan conditions. Following that grant the reported beneficial ownership rose to 12,642 ordinary shares.
The filing also discloses a sale of 1,805 shares at a price of $111.2494 described as shares sold to satisfy tax obligations arising from vesting of previously granted restricted stock units, leaving 10,837 shares beneficially owned by the reporting person after the sale.
Positive
- 3,507 RSUs granted to a non-employee director, aligning her financial interests with shareholders
- Vesting schedule provided (units vest in full on July 24, 2026), giving transparency on timing
Negative
- 1,805 shares sold to satisfy tax obligations, reducing reported beneficial ownership from 12,642 to 10,837 shares
- Sale price disclosed ($111.2494), indicating a realized disposition rather than only grant activity
Insights
TL;DR: Director received 3,507 RSUs and sold 1,805 shares to cover taxes; net holdings remain disclosed.
The Form 4 details a standard non-employee director equity award and a contemporaneous sell-to-cover transaction. The 3,507 RSU grant is a typical alignment mechanism for non-employee directors, with vesting contingent on continued service and specified conditions. The reported 1,805-share sale at $111.2494 is explicitly described as tax-related, not presented as a discretionary liquidity event. Net beneficial ownership moves from 12,642 to 10,837 shares, reflecting those two reported entries. For investors, this filing documents management alignment and routine tax-driven selling rather than a strategic divestiture.
TL;DR: Governance signal: director compensation via RSUs and an administrative sell-to-cover are disclosed; no governance red flags in the filing.
The filing shows the issuer used its 2007 Amended and Restated Non-Employee Directors Stock Award Plan to grant RSUs that vest on a specified future date, which is standard practice to align outside directors with shareholder interests. The explanatory footnote clearly states the sale was to satisfy tax obligations from prior vesting, a common administrative step. There are no disclosures of accelerated vesting, loans, pledges, or derivative transactions here. From a governance perspective, the document contains routine equity compensation and tax-related disposition activity only.