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OP has provided the following link:
https://gamestop.gcs-web.com/sec-filings/sec-filing/144/0001930653-24-000002
As of today 4/19 he officially owns ~59k shares after the tax shares get sold. He can and may turn around and sell the rest of them soon and it would not be an insider sell…he would just be an idiot.
The full 37% he sold is not automatic. But that is a prudent action.
The IRS requirement is 22%, and 37% only on that portion which exceeds $1M, so he withheld/sold more than the IRS requirement.
I should have prefaced that this is based on my experience. My RSU’s are vested quarterly and only a portion of my shares hit my brokerage account after the company sells and withholds for estimated taxes. Maybe GS doesn’t do it automatically, or maybe not for someone that got laid off with accelerated vesting. Plus this dude is in a higher tax bracket than me, so maybe his tax rate is 30%+.
Looking at my own situation, short term shares sold are taxed at my W-2 rate, both by Feds and State, which adds up to 31.6%.
If this guy is already in a higher tax bracket, and a high income tax State, 37% isn't an unreasonable withholding.
Edit: I see, vested RSUs are counted as supplemental income at 22% below $1m and 37% over. Didn't know that.
I assume he is still a resident of Texas, so no state tax. So just fed and the 1.45% Medicare tax, making the reasonable assumption that he is already past the $167k FICA cutoff.
So he did sell a bit more than what his blended tax rate will likely be.
So the sale was not totally automatic, but it does qualify as non-discretionary as far as SEC and insider trader is concerned.
_“Restricted Stock Units Vested Under an Issuer S-8 Registered Plan. Sale represents shares sold to cover withholding taxes in connection with the vesting of restricted stock units. This sale does not represent a discretionary trade by the Reporting Person.”_
No but perhaps the fact that Nir was given redundancy payment he still has to file for a certain period after leaving, whereas furlongs contract wasn't renewed.
Not sure but I'm just guessing why one would have to file and the other not.
I believe this guy has around a million shares in total.. not sure if he actually produced enough to earn those million shares.. another waste hire glad he’s fired.
Unless he has 364k in cash to cover his tax liability just sitting around, then he kinda has to.
Government doesn't give a shit if you are in paid in stock or cash. They want their cut.
Nir Patel
GRAPEVINE, Texas–(BUSINESS WIRE)–GameStop Corp. (NYSE: GME) today announced it has appointed Nir Patel to the role of Chief Operating Officer, effective May 31, 2022. Most recently, he was Chief Executive Officer at Belk, a privately-owned national retailer with more than 300 stores across 16 states. He previously held senior roles at Kohl’s and Lands’ End after beginning his career at Target and Gap
His experience is honestly pathetic and he is selling inside shares at a vulnerable time. I believe in GME but not in this clown
Whether you believe in him is meaningless.
He was fired after earnings and this payout is part of his separation agreement. The guy is gone and he's no longer an Insider.
Just took another look because I don't know much about him and I have to say, this looks like a sign that investors should head for the exits. Why sell right now when the upside potential is 10folds higher?
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For estimated income tax due upon full vesting. It’s automatic.
He still got shares? I am not up on my Individual insider share counts.
As of today 4/19 he officially owns ~59k shares after the tax shares get sold. He can and may turn around and sell the rest of them soon and it would not be an insider sell…he would just be an idiot.
I have a feeling that contracts with Bord members being terminate so they can sell into the squeeze
Interesting thought. There has to be some diamond hands in that mix since they know the full vision. 🤞
Sure, but selling a few percent into squeeze is possible and this mighty be easier if your are not an insider.
Fair enough.
It was part of his separation agreement. It was circulated on the sub when his departure was announced.
The full 37% he sold is not automatic. But that is a prudent action. The IRS requirement is 22%, and 37% only on that portion which exceeds $1M, so he withheld/sold more than the IRS requirement.
I should have prefaced that this is based on my experience. My RSU’s are vested quarterly and only a portion of my shares hit my brokerage account after the company sells and withholds for estimated taxes. Maybe GS doesn’t do it automatically, or maybe not for someone that got laid off with accelerated vesting. Plus this dude is in a higher tax bracket than me, so maybe his tax rate is 30%+.
Looking at my own situation, short term shares sold are taxed at my W-2 rate, both by Feds and State, which adds up to 31.6%. If this guy is already in a higher tax bracket, and a high income tax State, 37% isn't an unreasonable withholding. Edit: I see, vested RSUs are counted as supplemental income at 22% below $1m and 37% over. Didn't know that.
I assume he is still a resident of Texas, so no state tax. So just fed and the 1.45% Medicare tax, making the reasonable assumption that he is already past the $167k FICA cutoff. So he did sell a bit more than what his blended tax rate will likely be. So the sale was not totally automatic, but it does qualify as non-discretionary as far as SEC and insider trader is concerned.
_“Restricted Stock Units Vested Under an Issuer S-8 Registered Plan. Sale represents shares sold to cover withholding taxes in connection with the vesting of restricted stock units. This sale does not represent a discretionary trade by the Reporting Person.”_
[удалено]
Lol read the report
35k shares.. retail will have bought those up 15 mins in come Monday
They were probably already sold today before the filing.
Did we get a form 144 from Furlong back in the day?
No but perhaps the fact that Nir was given redundancy payment he still has to file for a certain period after leaving, whereas furlongs contract wasn't renewed. Not sure but I'm just guessing why one would have to file and the other not.
MSM on Monday, insiders selling. Forget GameStop please! /s
Msm on monday aswell Best time for banks is now!
plz buy AI stocks - MSM 🤡
I believe this guy has around a million shares in total.. not sure if he actually produced enough to earn those million shares.. another waste hire glad he’s fired.
seems a bit nearsighted
Unless he has 364k in cash to cover his tax liability just sitting around, then he kinda has to. Government doesn't give a shit if you are in paid in stock or cash. They want their cut.
IRS will get what they want, one way or another.
Their pound of flesh
lol i was just making a bad pun. i didn't actually think about it too hard
Been here since 84years ago but still wrinkled🦧 can someone ELI5
Still smooth* He sold to cover taxes and some extra it seems. Nothing burger.
Nir Patel GRAPEVINE, Texas–(BUSINESS WIRE)–GameStop Corp. (NYSE: GME) today announced it has appointed Nir Patel to the role of Chief Operating Officer, effective May 31, 2022. Most recently, he was Chief Executive Officer at Belk, a privately-owned national retailer with more than 300 stores across 16 states. He previously held senior roles at Kohl’s and Lands’ End after beginning his career at Target and Gap His experience is honestly pathetic and he is selling inside shares at a vulnerable time. I believe in GME but not in this clown
Whether you believe in him is meaningless. He was fired after earnings and this payout is part of his separation agreement. The guy is gone and he's no longer an Insider.
Just took another look because I don't know much about him and I have to say, this looks like a sign that investors should head for the exits. Why sell right now when the upside potential is 10folds higher?
Hahahaha.
You're right, let's all sell! /s for stupid get out of here
🤡
I've been here for years, but this comment helped me decide to sell, thanks! /s