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Skillz Inc.·4

Jun 1, 9:28 PM ET

Paradise Andrew 4

Research Summary

AI-generated summary

Updated

Skillz CEO Andrew Paradise Receives Award, Withholds 21k Shares

What Happened

  • Andrew Paradise, CEO of Skillz Inc. (SKLZ), had performance stock units (PSUs) certified as vested. 84,559 PSUs settled into Class A common stock on June 1, 2026; 21,364 of those shares were withheld to cover withholding taxes (transaction value reported as $53,624). In addition, 66,667 PSUs vested on April 10, 2026 but are reported as derivative awards that remain subject to settlement at a later date.
  • The acquisitions are awards/settlements rather than open-market purchases or voluntary sales; the withholding of shares to pay taxes is a routine administrative disposition.

Key Details

  • Dates and amounts:
    • April 10, 2026: Compensation Committee certified performance goals, resulting in vesting of PSUs (grants recorded: 84,559 and 66,667 PSUs at $0.00).
    • June 1, 2026: 84,559 PSUs settled into shares (conversion); 21,364 shares withheld to pay withholding taxes at an effective share price of $2.51 for a tax withholding value of $53,624.
  • Net impact: ~63,195 shares were added to his beneficial holdings from the settled PSUs (84,559 settled minus 21,364 withheld). An additional 66,667 vested PSUs remain subject to future settlement (per footnote).
  • Footnotes of note:
    • F1/F3: The 84,559 PSUs granted earlier (2022 grant) were certified vested on April 10 and settled into shares on June 1.
    • F4: The 66,667 PSUs (granted Jan 1, 2025) vested upon certification but are scheduled for settlement on Dec 31, 2027.
    • F2: The 21,364-share disposition reflects shares withheld to satisfy tax withholding obligations.
  • Shares owned after transaction: Not specified in the Form 4 filing.
  • Timeliness: Filing dated June 1, 2026; settlement occurred June 1, 2026 (filing appears contemporaneous with settlement).

Context

  • These transactions reflect PSU vesting and settlement (award-related), not a market purchase or a discretionary sale; tax-withholding by share retention is common in equity award settlements.
  • For retail investors, award/vesting events show management compensation and potential future dilution but are routine and not necessarily a buy/sell signal.