Virgin Galactic (NYSE: SPCE) CPO exercises RSUs; 284 shares withheld for taxes
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Virgin Galactic Holdings executive Aparna Chitale reported routine equity compensation activity involving restricted stock units (RSUs) and common stock. On the reported date, RSUs granted on March 16, 2023 vested and converted into 525 shares of common stock on a one-for-one basis.
The company withheld 284 shares of common stock at a price of $2.95 per share to cover Chitale’s tax withholding obligation related to this quarterly RSU vesting, which is a non-market, tax-payment event rather than an open-market sale. After these transactions, Chitale directly holds 37,106 shares of common stock.
The filing also shows 1,573 unvested RSUs from the March 16, 2023 award, which vest 75% in 12 quarterly installments beginning June 16, 2024, subject to continued service and potential settlement in either stock or cash at the company’s discretion.
Positive
- None.
Negative
- None.
Insider Trade Summary
525 shares exercised/converted
Mixed
3 txns
Insider
Chitale Aparna
Role
CPO & EVP Astronaut Operations
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 525 | $0.00 | -- |
| Exercise | Common Stock | 525 | $0.00 | -- |
| Tax Withholding | Common Stock | 284 | $2.95 | $837.80 |
Holdings After Transaction:
Restricted Stock Units — 1,573 shares (Direct, null);
Common Stock — 37,106 shares (Direct, null)
Footnotes (1)
- Represents the number of shares of common stock withheld by the Issuer to cover the Reporting Person's tax withholding obligation upon the quarterly vesting of restricted stock units ("RSUs") granted on March 16, 2023. RSUs convert into common stock on a one-for-one basis. Represents an award of RSUs granted on March 16, 2023, which vested with respect to 25% of the RSUs on March 16, 2024, and the remaining 75% of the RSUs will vest in 12 quarterly installments thereafter, beginning June 16, 2024, subject to the Reporting Person's continued service through the applicable vesting date. The RSUs may be settled in shares of the Issuer's common stock or, in the Issuer's discretion, cash, upon vesting. Represents only the unvested portion of the RSUs granted on March 16, 2023, and does not include RSUs with different vesting terms.
Key Figures
Shares withheld for taxes: 284 shares
Withholding reference price: $2.95 per share
Shares from RSU conversion: 525 shares
+2 more
5 metrics
Shares withheld for taxes
284 shares
Common stock withheld at $2.95 per share for tax obligation
Withholding reference price
$2.95 per share
Price applied to 284 withheld common shares
Shares from RSU conversion
525 shares
Common stock received from RSU vesting and conversion
Common shares held after transactions
37,106 shares
Direct ownership following Form 4 transactions
Unvested RSUs remaining
1,573 RSUs
Unvested portion of March 16, 2023 RSU grant
Key Terms
Restricted Stock Units, tax withholding obligation, derivative security, vest
4 terms
Restricted Stock Units financial
"Represents an award of RSUs granted on March 16, 2023, which vested with respect to 25% of the RSUs..."
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.
tax withholding obligation financial
"withheld by the Issuer to cover the Reporting Person's tax withholding obligation upon the quarterly vesting of restricted stock units"
derivative security financial
"transaction_code_description: Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
vest financial
"the remaining 75% of the RSUs will vest in 12 quarterly installments thereafter, beginning June 16, 2024"
A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.
FAQ
What insider transactions did SPCE executive Aparna Chitale report?
Aparna Chitale reported RSU vesting that converted 525 restricted stock units into Virgin Galactic common shares. The company simultaneously withheld 284 shares to satisfy tax obligations, reflecting routine compensation-related activity rather than open-market buying or selling of SPCE stock.
Did Aparna Chitale buy or sell Virgin Galactic (SPCE) stock on the market?
The filing shows no open-market purchases or sales by Aparna Chitale. Shares were issued through RSU vesting, and 284 shares were withheld by Virgin Galactic to cover taxes, a standard administrative transaction rather than discretionary trading in SPCE shares.
What are the terms of Aparna Chitale’s March 16, 2023 RSU grant at Virgin Galactic (SPCE)?
The March 16, 2023 RSU grant vests 25% on March 16, 2024, with the remaining 75% vesting in 12 quarterly installments starting June 16, 2024. Vesting requires continued service, and Virgin Galactic may settle vested RSUs in common stock or cash at its discretion.