Follmann Christian 4

What Happened

• Christian Follmann, Chief Operating Officer of Hercules Capital (HTGC), had 2,798 shares of common stock withheld to cover tax liabilities related to vesting restricted stock. The transactions on April 9, 2026, were recorded as dispositions: 1,365 shares at $14.74 ($20,120) and 1,433 shares at $14.74 ($21,122), for a combined value of $41,242.
• This was a tax-withholding event (routine administrative disposition), not an open-market purchase or necessarily a voluntary sale by the insider.

Key Details

• Transaction date: April 9, 2026. Filing date: April 13, 2026 (reported 4 days after the transaction).
• Price(s): $14.74 per share for both line items.
• Shares withheld/disposed: 1,365 and 1,433 (total 2,798).
• Footnote: F1 — shares were withheld to pay taxes applicable to the vesting of restricted stock on April 9, 2026.
• Shares owned after transaction: Not disclosed in the provided Form 4 excerpt.
• Transaction code: F (tax withholding). These are routine and administrative in nature.

Context

• Tax withholding on vesting is common and generally not a signal of insider sentiment; it reflects satisfying tax obligations when restricted stock vests. This is different from an open-market sale (which can indicate liquidity needs or sentiment) and from a purchase (which can be a more bullish signal).
• Retail investors often focus more on purchases and exercise-plus-sale patterns; withholding events are useful to track but typically reflect compensation tax mechanics rather than trading intent.