Form 4: Axcelis Technologies CEO Russell Low Reports Share Forfeiture for Tax Obligations

Axcelis Technologies CEO Russell Low forfeited 387 shares of common stock on June 5, 2024, to cover a Massachusetts income tax surcharge related to previously vested restricted stock units.

Summary

• On June 5, 2024, Russell Low, the President and CEO of Axcelis Technologies, reported a transaction involving the forfeiture of 387 shares of common stock.
• The forfeiture was executed to cover a Massachusetts income tax surcharge related to the vesting of restricted stock units in May 2024.
• These restricted stock units were granted to the executive in May of 2020, 2021, 2022 and 2023.
• The shares issued to the executive on those vesting events were reduced by a number of shares to cover the executive's tax withholding obligation with respect to the vested restricted stock units.
• The number of shares initially withheld on the vesting dates was insufficient to cover the full tax obligation, necessitating the additional forfeiture.
• The price per share used for the tax withholding was $111.29, representing the closing price of the common stock on the date prior to the tax withholding.
• Following the transaction, Russell Low beneficially owns 81,566 shares of Axcelis Technologies common stock, of which 50,594 are issuable on vesting of restricted stock units.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing related to executive compensation and tax obligations, and has a neutral sentiment.

Industry Context

This Form 4 filing is a routine disclosure related to executive compensation and tax obligations, and doesn't necessarily reflect broader industry trends.

Stakeholder Impact

• The transaction has a minimal impact on shareholders as it is a standard tax-related adjustment.

Key Dates