Waterman Michael 4

What Happened
Michael Waterman, Chief Sales Officer of ACV Auctions (ACVA), had 21,567 shares withheld by the company on 2026-07-01 to cover tax withholding upon vesting of time-based restricted stock units (RSUs). The shares were recorded as disposals at $7.29 per share in four tranches: 8,824 shares ($64,327), 4,365 shares ($31,821), 3,459 shares ($25,216), and 4,919 shares ($35,860), for total value of approximately $157,224. This was a tax-withholding action by the issuer, not a discretionary open‑market sale by the insider.

Key Details

• Transaction date: 2026-07-01; reported on Form 4 filed 2026-07-06.
• Price: $7.29 per share; total proceeds/withheld value ≈ $157,224.
• Shares involved: 21,567 shares withheld across four withholding events.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes:
  • F1 — Shares were withheld by the issuer to cover tax liability upon vesting of time-based RSUs and do not represent a discretionary sale by the reporting person.
  • F2 — The filing also notes 1,822 shares acquired under the Company’s 2021 Employee Stock Purchase Plan (ESPP) for the 12/1/2025–5/31/2026 purchase period.
• Timeliness: Filed on 2026-07-06 for a 2026-07-01 transaction — outside the standard two-business-day Form 4 window, so the filing appears late.

Context
Tax-withholding by the issuer is a common administrative step when RSUs vest: the company retains and often sells enough shares to satisfy required taxes. Because these were withheld by the issuer (not an open-market sale by the insider), they generally don’t signal the insider’s market view. The ESPP note indicates a separate routine employee purchase included in the filing.