Nextpower (NXT) CAO nets shares after RSU sell-to-cover
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Nextpower Inc. Chief Accounting Officer Bennett David P reported routine equity compensation activity involving restricted stock units and related tax sales. On June 18, 2026, 25,407 RSUs granted on June 21, 2023 vested and converted into the same number of common shares on a one-for-one basis.
In connection with this vesting, 13,368 common shares were sold in a mandated sell-to-cover transaction at $128.38 per share to satisfy tax withholding obligations under the company’s Rule 10b5-1 sell-to-cover policy, and are not discretionary trades. After these transactions and a related non-discretionary adjustment, Bennett directly owns 161,201 shares of Nextpower common stock.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
25,407 shares exercised/converted
Mixed
3 txns
Insider
Bennett David P
Role
Chief Accounting Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Stock | 13,368 | $128.38 | $1.72M |
| Exercise | Restricted Stock Units | 25,407 | $0.00 | -- |
| Exercise | Common Stock | 25,407 | $0.00 | -- |
Holdings After Transaction:
Common Stock — 161,201 shares (Direct, null);
Restricted Stock Units — 0 shares (Direct, null)
Footnotes (1)
- Reflects the vesting and conversion of restricted stock units ("RSUs"), which were previously granted to the Reporting Person on June 21, 2023, into shares of the Issuer's common stock, on a one-for-one basis. 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
RSUs vested and converted: 25,407 shares
Sell-to-cover shares: 13,368 shares
Sell-to-cover price: $128.38 per share
+1 more
4 metrics
RSUs vested and converted
25,407 shares
Restricted stock units converted to common stock on June 18, 2026
Sell-to-cover shares
13,368 shares
Shares sold to satisfy tax withholding obligations
Sell-to-cover price
$128.38 per share
Price for mandated tax-related share sale
Post-transaction holdings
161,201 shares
Nextpower common shares directly owned after reported transactions
Key Terms
Restricted Stock Units, sell-to-cover, Rule 10b5-1, equity incentive plan
4 terms
Restricted Stock Units financial
"Reflects the vesting and conversion of restricted stock units ("RSUs"), which were previously granted"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
sell-to-cover financial
"required to be sold pursuant to a "sell-to-cover" transaction in order to satisfy the tax withholding obligations"
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.
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
"pursuant to the requirements of Rule 10b5-1 and its authority under its equity incentive plan"
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.
FAQ
What insider transactions did Nextpower (NXT) report for Bennett David P?
Bennett David P reported RSU vesting and related tax sales. On June 18, 2026, 25,407 restricted stock units vested into common shares, and a portion of those shares was sold automatically to cover tax withholding obligations under a predetermined company policy.
How many Nextpower (NXT) RSUs vested for Bennett David P in this Form 4?
25,407 restricted stock units vested for Bennett David P. These RSUs, granted on June 21, 2023, converted into 25,407 shares of Nextpower common stock on a one-for-one basis as part of his equity compensation package.
What do the M and J transaction codes mean in the Nextpower (NXT) Form 4?
The M code reflects a derivative exercise, and J marks another non-standard transaction. Here, M represents the conversion of RSUs into common stock, while J relates to a non-discretionary restructuring entry tied to the tax sell-to-cover process.