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Palomar Holdings, Inc.·4

Feb 2, 7:38 PM ET

Knutzen Jonathan 4

Research Summary

AI-generated summary

Updated

Palomar (PLMR) CRO Jonathan Knutzen Sells Shares to Cover Taxes

What Happened
Jonathan Knutzen, Chief Risk Officer of Palomar Holdings (PLMR), had restricted stock units (RSUs) convert into common shares (reported as derivative exercises/conversions at $0) and sold a portion of those shares in three open-market transactions to satisfy tax withholding. He acquired a total of 3,554 shares via conversions (1,230; 1,434; 890) and disposed of 1,115 shares across the transactions for a combined proceeds of approximately $135,991 (381 @ $122.04 = $46,498; 444 @ $122.04 = $54,187; 290 @ $121.74 = $35,306). These sales were routine sell-to-cover actions rather than discretionary purchases.

Key Details

  • Transaction dates and prices:
    • 2025-01-29: Converted 1,230 shares at $0; 381 shares sold @ $122.04 for $46,498. (F1)
    • 2026-01-29: Converted 1,434 shares at $0; 444 shares sold @ $122.04 for $54,187.
    • 2026-01-31: Converted 890 shares at $0; 290 shares sold @ $121.74 for $35,306.
  • Total shares acquired by conversion: 3,554; total shares sold: 1,115; total cash proceeds ≈ $135,991.
  • Shares owned after the transactions are not specified in the provided excerpt.
  • Notable footnotes:
    • F1: Sales were automatic sell-to-cover by the company to meet minimum statutory tax withholding on RSU vesting.
    • F2: Reporting includes 1,386 shares purchased via the company ESPP.
    • F3–F5: Describe original RSU grants and standard multi-year vesting schedules tied to continued service.
  • Filing: Form 4 filed 2026-02-02 for transactions dated late Jan 2026. No late-filing notation provided in the excerpt.

Context
The reported "$0" acquisitions reflect RSU vesting/conversion (not an out-of-pocket option purchase). The subsequent open-market sales were largely automatic sell-to-cover transactions to cover withholding taxes tied to those vesting events — a routine administrative action rather than a discretionary market-timing sale. For retail investors, mandatory sell-to-cover activity is common and does not by itself indicate the insider’s view on the company’s future performance.