Baker Charles 4

What Happened
Charles Baker, CFO of Etsy, had 6,224 restricted stock units (RSUs) convert to common shares on May 1, 2026. The company withheld 3,442 of those shares to satisfy tax withholding obligations (value reported at $63.17 per share, ~$217,431). On May 5, 2026 Baker sold 1,703 shares at a weighted average price of $63.40 (proceeds ~$107,970) and 327 shares at a weighted average price of $64.00 (proceeds ~$20,928), for total open-market proceeds of about $128,898. After withholding and the sales, roughly 752 shares from this vesting event remain (6,224 − 3,442 − 2,030 = 752).

Key Details

• Transaction dates: May 1, 2026 (RSU settlement and tax withholding); May 5, 2026 (open-market sales).
• RSUs converted: 6,224 shares acquired via derivative conversion (vesting).
• Shares withheld for taxes: 3,442 shares at $63.17 → ~$217,431 (issuer withholding).
• Open-market sales: 1,703 shares at $63.40 (weighted avg; range $62.88–$63.87) and 327 shares at $64.00 (weighted avg; range $63.89–$64.32). Reporting person will provide per-price breakdown on request.
• Sales executed under a Rule 10b5-1 trading plan adopted Nov 12, 2025.
• RSU details: 1-for-1 share correspondence; vesting schedule note included in filing (25% vesting Feb 1, 2026; remainder in quarterly installments).
• Filing date: May 5, 2026 (covers transactions through May 5); filing appears timely.

Context

• This was primarily a settlement of vested RSUs with shares withheld to cover taxes and subsequent planned sales — typical executive compensation processing rather than an additional market purchase.
• The conversion of RSUs to shares (listed as a conversion/exercise of a derivative) followed immediately by withholding and partial open-market sales is effectively a cashless settlement of the award.
• Sales were pre-arranged under a 10b5-1 plan, which indicates they were executed according to a pre-set schedule rather than ad-hoc trades.