Viasat (NASDAQ: VSAT) SVP exercises RSUs and receives 21,298-unit award
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Viasat Inc. senior vice president Benjamin Edward Palmer reported routine equity compensation activity. On June 7, he exercised restricted stock units that converted into 6,250 and 8,333 shares of common stock at a stated price of $0.00 per share.
To cover tax obligations, 2,938 and 3,917 shares were withheld by Viasat at $67.18 per share rather than sold on the market, as noted in the footnotes. After these transactions, Palmer directly held 22,647 shares of common stock.
He also received a new grant of 21,298 restricted stock units, each representing a contingent right to one share of Viasat common stock. According to the vesting terms, remaining units from the prior 25,000-unit award and the new grant will vest in installments through June 7, 2029, subject to continued employment.
Positive
- None.
Negative
- None.
Insider Trade Summary
14,583 shares exercised/converted
Mixed
7 txns
Insider
Palmer Benjamin Edward
Role
SVP, Pres Commercial
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | restricted stock unit | 8,333 | $0.00 | -- |
| Exercise | restricted stock unit | 6,250 | $0.00 | -- |
| Grant/Award | restricted stock unit | 21,298 | $0.00 | -- |
| Exercise | $.0001 par value common stock | 8,333 | $0.00 | -- |
| Tax Withholding | $.0001 par value common stock | 3,917 | $67.18 | $263K |
| Exercise | $.0001 par value common stock | 6,250 | $0.00 | -- |
| Tax Withholding | $.0001 par value common stock | 2,938 | $67.18 | $197K |
Holdings After Transaction:
restricted stock unit — 8,333 shares (Direct, null);
$.0001 par value common stock — 26,564 shares (Direct, null)
Footnotes (1)
- This entry represents the number of shares of Viasat, Inc. common stock withheld by the Issuer to satisfy the tax withholding obligation of the Reporting Person. These shares were not sold by the Reporting Person but were instead offset from the total number of vested shares received by the Reporting Person from the Issuer. The original restricted stock unit grant was for 25,000 units on 06/07/2024. The units vest and convert into shares of common stock (on a 1-for-1 basis) at the rate of 1/3 on the first anniversary of the grant date; 1/3 on the second anniversary of the grant date; and 1/3 on the third anniversary of the grant date. The remaining restricted stock units will vest on June 7, 2027. Each restricted stock unit represents a contingent right to receive one share of Viasat, Inc. common stock. The units vest and convert into shares of common stock (on a 1-for-1 basis) in three substantially equal installments on June 7, 2027, June 7, 2028 and June 7, 2029. Until vested, the restricted stock unit shall be subject to forfeiture in the event of termination of employment or service with the Issuer.
Key Figures
Tax-withheld shares: 6,855 shares
First RSU exercise: 6,250 shares
Second RSU exercise: 8,333 shares
+5 more
8 metrics
Tax-withheld shares
6,855 shares
Shares withheld at $67.18 to satisfy tax obligations
First RSU exercise
6,250 shares
Common stock from restricted stock unit conversion
Second RSU exercise
8,333 shares
Common stock from restricted stock unit conversion
Tax price per share
$67.18 per share
Value used for tax-withholding share entries
Common shares after transactions
22,647 shares
Direct holdings of common stock following Form 4 transactions
New RSU grant size
21,298 units
Restricted stock unit award representing contingent rights to common shares
Original RSU grant
25,000 units
Restricted stock unit grant dated June 7, 2024
Final vesting date
June 7, 2029
Last scheduled vesting installment for RSU awards
Key Terms
restricted stock unit, tax withholding obligation, derivative security, contingent right, +1 more
5 terms
restricted stock unit financial
"The original restricted stock unit grant was for 25,000 units on 06/07/2024."
A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.
tax withholding obligation financial
"withheld by the Issuer to satisfy the tax withholding obligation of the Reporting Person."
derivative security financial
"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.
contingent right financial
"Each restricted stock unit represents a contingent right to receive one share of Viasat, Inc. common stock."
forfeiture financial
"the restricted stock unit shall be subject to forfeiture in the event of termination of employment or service"
FAQ
What insider transactions did Viasat (VSAT) SVP Benjamin Palmer report?
Benjamin Palmer reported exercising restricted stock units into common stock and a new restricted stock unit grant. Shares were also withheld to satisfy tax obligations, with no open-market buy or sell transactions disclosed in this Form 4.
What new equity award did Benjamin Palmer receive from Viasat (VSAT)?
Benjamin Palmer received a grant of 21,298 restricted stock units, each representing a right to one Viasat share. These units are compensation awards that convert into common stock over time, subject to vesting schedules and continued employment with the company.
When will Benjamin Palmer’s Viasat (VSAT) restricted stock units vest?
The filing states that remaining units from a 25,000-unit 2024 grant vest in thirds annually, with the remaining portion vesting June 7, 2027. The new 21,298-unit grant vests in three substantially equal installments in 2027, 2028, and 2029, subject to continued service.
Were Benjamin Palmer’s Viasat (VSAT) transactions open-market sales or purchases?
No open-market sales or purchases were reported. The transactions involve exercises of restricted stock units into common stock and shares withheld by Viasat to cover tax liabilities, which the footnote clarifies were not market sales by Palmer.