Follmann Christian 4

What Happened

• Christian Follmann, Chief Operating Officer of Hercules Capital (HTGC), had 2,798 shares of common stock withheld to satisfy tax withholding on the vesting of restricted stock. The withholding occurred on July 9, 2026, in two entries: 1,433 shares at $15.69 ($22,484) and 1,365 shares at $15.69 ($21,417), for a combined value of approximately $43,901.
• This is a tax-withholding disposition (transaction code F), not an open-market sale. Such withholdings are routine when restricted stock vests and do not necessarily indicate a change in insider sentiment.

Key Details

• Transaction date: July 9, 2026; Form 4 filed July 13, 2026 (filed within the typical two-business-day window).
• Prices and amounts: 1,433 shares @ $15.69 = $22,484; 1,365 shares @ $15.69 = $21,417; total withheld = 2,798 shares (~$43,901).
• Footnote: F1 — shares were withheld to pay taxes on restricted stock that vested July 9, 2026.
• Shares owned after the transaction: not reported in the provided excerpt of the filing.

Context

• This transaction reflects net-share settlement for tax withholding on vested RSUs (a common administrative step). It differs from an open-market sale because the company retains the withheld shares to cover taxes rather than the insider selling shares on the market.
• For retail investors, routine tax withholdings are generally neutral informationally compared with purchases (which can be interpreted as bullish) or voluntary sales.