Form 4: Axcelis Technologies Executive Christopher Tatnall Reports Share Forfeiture for Tax Withholding

Christopher Tatnall, EVP Global Customer Operations at Axcelis Technologies, reports the forfeiture of 1,146 shares for tax withholding related to vested performance-based restricted stock units.

Summary

• On February 28, 2025, Christopher Tatnall, EVP Global Customer Operations at Axcelis Technologies, forfeited 1,146 shares of common stock for tax withholding purposes.
• This forfeiture is related to the vesting of performance-based restricted stock units (PRSUs) granted in May 2024.
• The Axcelis Technologies, Inc. Compensation Committee determined on February 13, 2025, that 150% of the 2024 PRSUs were earned.
• Half of the earned shares vested on February 28, 2025.
• The shares issued to the executive on vesting were reduced by a number of shares having a value equal to the executive's tax withholding obligation.
• The price per share for the tax withholding was $54.79, representing the closing price of Axcelis Technologies' common stock on February 28, 2025.
• Following the transaction, Tatnall beneficially owns 13,567 shares of Axcelis Technologies common stock, of which 10,629 are issuable on vesting of restricted stock units and are subject to forfeiture.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing a routine transaction. It doesn't contain information that would significantly impact investor sentiment positively or negatively.

Industry Context

This filing is a routine disclosure related to executive compensation and tax obligations, common in publicly traded companies. It reflects the standard practice of using stock-based compensation and withholding shares to cover tax liabilities upon vesting.

Comparison to Industry Standards

• Stock-based compensation is a common practice in the technology industry to align executive interests with shareholder value.
• Companies like Applied Materials (AMAT) and Lam Research (LRCX) also utilize restricted stock units and performance-based awards as part of their executive compensation packages.
• The forfeiture of shares for tax withholding is a standard procedure across various industries and companies.

Stakeholder Impact

• The transaction has a minor impact on shareholders as it involves a small number of shares forfeited for tax purposes.
• The executive's compensation is affected by the vesting of PRSUs and the subsequent tax withholding.

Key Dates

Keywords

Form 4, Beneficial Ownership, Executive Compensation, Stock Forfeiture, Tax Withholding, Axcelis Technologies, Christopher Tatnall, ACLS, PRSUs, Restricted Stock Units