Form 4: Allegro MicroSystems CEO Vineet Nargolwala Reports Stock Transactions
SEC Form 4
Vineet Nargolwala, President and CEO of Allegro MicroSystems, reports acquisition of 34,071 shares and disposal of 24,160 shares related to performance-vesting restricted stock units.
Summary
- On May 15, 2024, Vineet Nargolwala, the President and CEO of Allegro MicroSystems, acquired 34,071 shares of common stock related to performance-vesting restricted stock units (PSUs).
- These PSUs were granted on August 1, 2022, and May 15, 2023, and vest over a three-fiscal-year period contingent upon the company's performance.
- The Compensation Committee determined that the performance goals for the period ending March 29, 2024, were met for the aggregate number of shares shown.
- Following certification, the certified portion of the awards remain subject to time-based vesting conditions.
- A portion of the awards vested on May 16, 2024, and the remaining amounts are scheduled to vest in part on May 16, 2025, and May 16, 2026.
- On May 16, 2024, Nargolwala disposed of 24,160 shares of common stock at a price of $29.75.
- These shares were withheld to cover taxes due upon the vesting of PSUs and restricted stock units previously granted.
- Following these transactions, Nargolwala beneficially owns 312,072 shares of Allegro MicroSystems common stock.
Sentiment
Score: 6
Explanation: Neutral sentiment as the filing reflects routine stock transactions related to executive compensation. The vesting of PSUs suggests the company met its performance goals.
Positives
- The vesting of PSUs indicates that Allegro MicroSystems met its performance objectives for the period ending March 29, 2024.
Negatives
- The disposal of 24,160 shares, while for tax purposes, represents a reduction in Nargolwala's holdings.
Future Outlook
A portion of the PSUs are scheduled to vest on May 16, 2025, and May 16, 2026.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.
Stakeholder Impact
- The vesting of PSUs and meeting of performance goals can positively impact shareholder confidence.
Next Steps
- Remaining portions of the PSUs are scheduled to vest on May 16, 2025, and May 16, 2026.
Key Dates
| Date | Description |
|---|---|
| 2022-08-01 | Reporting Person was granted awards of performance-vesting restricted stock units ('PSUs') |
| 2023-05-15 | Reporting Person was granted awards of performance-vesting restricted stock units ('PSUs') |
| 2024-03-29 | End of the period for which the Compensation Committee assessed performance objective goals of the PSUs. |
| 2024-05-15 | Reporting Person acquired 34,071 shares of common stock. |
| 2024-05-16 | A portion of the awards vested and 24,160 shares were disposed of to cover taxes. |
| 2024-05-16 | Date a portion of the awards vested. |
| 2025-05-16 | Date when part of the remaining amounts are scheduled to vest. |
| 2026-05-16 | Date when part of the remaining amounts are scheduled to vest. |
| 2024-05-17 | Date of signature. |
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