Nextpower (NXT) CAO executes 1,234-share sell-to-cover for RSU taxes
Rhea-AI Filing Summary
Nextpower Inc. Chief Accounting Officer Bennett David P reported a mandated sell-to-cover transaction tied to restricted stock units. The filing shows 1,234 shares of common stock were sold at $129.38 per share to satisfy tax withholding on RSU vesting. After this transaction, he directly holds 149,162 shares of Nextpower common stock. The footnote explains these sales follow the company’s Rule 10b5-1 sell-to-cover policy and are not discretionary trades.
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Insider Trade Summary 10b5-1
Net Seller: 1,234 shares
Net Sell
1 txn
Insider
Bennett David P
Role
Chief Accounting Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Stock | 1,234 | $129.38 | $160K |
Holdings After Transaction:
Common Stock — 149,162 shares (Direct)
Footnotes (1)
- F1. Reflects the number of shares required to be sold pursuant to a "sell-to-cover" transaction in order to satisfy the tax withholding obligations in connection with the vesting and conversion of RSUs. These sales are mandated by the Issuer's "sell-to-cover" policy adopted by the Issuer on March 2, 2023 pursuant to the requirements of Rule 10b5-1 and its authority under its equity incentive plan, and do not represent discretionary trades by the Reporting Person.
Key Figures
Sell-to-cover shares: 1,234 shares
Transaction price: $129.38/share
Post-transaction holdings: 149,162 shares
3 metrics
Sell-to-cover shares
1,234 shares
Common stock sold to cover RSU tax withholding
Transaction price
$129.38/share
Price for the 1,234 common shares in sell-to-cover
Post-transaction holdings
149,162 shares
Direct common stock holdings after the transaction
Key Terms
sell-to-cover, RSUs, Rule 10b5-1, equity incentive plan
4 terms
sell-to-cover financial
"Reflects the number of shares required to be sold pursuant to a "sell-to-cover" transaction"
Sell-to-cover is when part of newly issued or exercised company stock is immediately sold to pay required taxes and fees, so the recipient keeps the remaining shares. For investors this matters because it reduces the number of shares insiders or employees actually hold after a grant, can create small, routine share sales that aren’t signal of cashing out, and slightly increases share supply on the market—like selling a portion of a paycheck to cover the tax bill.
RSUs financial
"in connection with the vesting and conversion of RSUs"
RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.
Rule 10b5-1 regulatory
"policy adopted by the Issuer on March 2, 2023 pursuant to the requirements of Rule 10b5-1"
Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.
equity incentive plan financial
"under its equity incentive plan, and do not represent discretionary trades"
An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transaction did Nextpower (NXT) report for its Chief Accounting Officer?
Nextpower reported a sell-to-cover transaction by Chief Accounting Officer Bennett David P, involving 1,234 shares of common stock. The shares were sold to cover taxes from RSU vesting under the company’s equity incentive plan and Rule 10b5-1 policy.
Was the Nextpower (NXT) insider transaction discretionary or pre-mandated?
The transaction was not discretionary. The footnote explains the sales were mandated by Nextpower’s sell-to-cover policy, adopted under Rule 10b5-1 and the company’s equity incentive plan, solely to satisfy tax withholding obligations on RSU vesting.