Form 4: Axcelis Technologies CEO Russell Low Reports Stock Transactions Following RSU Vesting
SEC Form 4 Filing
Axcelis Technologies CEO Russell Low reports the forfeiture of shares to cover tax obligations related to the vesting of performance-based restricted stock units (PRSUs) granted in 2022 and 2023.
Summary
- On February 28, 2024, Russell Low, the President and CEO of Axcelis Technologies, reported transactions related to the vesting of performance-based restricted stock units (PRSUs).
- These transactions involved the forfeiture of shares to cover tax withholding obligations associated with the vesting of PRSUs granted in May 2022 and May 2023.
- Specifically, 1,761 shares were forfeited related to the 2022 PRSUs, and 2,919 shares were forfeited related to the 2023 PRSUs.
- Following these transactions, Low directly owns 57,314 shares of Axcelis Technologies common stock.
- The vesting of the 2022 PRSUs was determined by the Axcelis Technologies, Inc. Compensation Committee on February 16, 2023, with half of the earned shares vesting on February 28, 2023.
- For the 2023 PRSUs, 135% of the units granted were determined to be earned by the executive pursuant to a resolution of the Axcelis Technologies, Inc. Compensation Committee on February 8, 2024, and half of the earned shares vested on February 28, 2024.
- As of February 28, 2024, 31,775 shares are issuable on vesting of restricted stock units granted to the reporting person under the 2012 Equity Incentive Plan and are subject to forfeiture.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't contain information that would significantly impact investor sentiment positively or negatively.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency into the transactions of company insiders.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they relate to executive compensation and do not represent a significant change in the company's financial position.
Key Dates
| Date | Description |
|---|---|
| February 16, 2023 | Axcelis Technologies, Inc. Compensation Committee determined the vesting of the 2022 PRSUs. |
| February 8, 2024 | Axcelis Technologies, Inc. Compensation Committee determined that 135% of the 2023 PRSUs were earned. |
| February 28, 2024 | Date of the reported stock transactions (forfeiture of shares for tax withholding) related to the vesting of PRSUs. |
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