Within 90 days of the company's fiscal year end. Insiders have 90 days to sell the specified shares, or they must submit a new Form 144. Sellers of restricted stock. Restricted stock is awarded or acquired from the issuing corporation. Corporate insiders are typically granted restricted stock as a form of compensation.
Private investors can also receive restricted stock through private placements.
The recipient gets the stock at a discount to the current market price. After the required one-year holding period, insiders can sell the restricted stock by filing a Form 144. On, or before the date of the actual sale. A Form 144 is not a transaction - no shares are actually sold. If the shares are subsequently sold, insiders are required to then file a Form 4.