Form 4: Axcelis Technologies Executive VP Lynnette C. Fallon Reports Share Forfeiture for Tax Withholding
SEC Form 4 Filing
Lynnette C. Fallon, Executive VP at Axcelis Technologies, reports a share forfeiture to cover tax obligations related to vesting restricted stock units.
Summary
- On May 17, 2024, Lynnette C. Fallon, Executive VP at Axcelis Technologies, forfeited 872 shares of common stock to cover tax withholding obligations.
- This forfeiture was related to the vesting of restricted stock units granted in May 2021.
- The shares were forfeited at a price of $113.23 per share, which was the closing price of the common stock on that date.
- Following the transaction, Fallon directly owns 30,678 shares of Axcelis Technologies stock, with 11,845 of those shares issuable on vesting of restricted stock units granted under the 2012 Equity Incentive Plan and subject to forfeiture.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing detailing a standard executive compensation transaction. It doesn't indicate any significant positive or negative developments for the company, hence a neutral sentiment score.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and tax obligations, common in publicly traded companies. It provides transparency into the transactions of company insiders.
Comparison to Industry Standards
- Executive compensation practices, including the use of restricted stock units and subsequent tax withholding, are standard across the semiconductor equipment industry.
- Companies like Applied Materials (AMAT) and Lam Research (LRCX) also utilize similar equity-based compensation plans for their executives.
- The forfeiture of shares to cover tax obligations is a common mechanism to simplify the tax process for executives receiving equity compensation.
Stakeholder Impact
- The transaction has a minimal impact on shareholders, as it is a routine adjustment to executive holdings.
- Employees may be interested in the details of executive compensation practices.
Key Dates
| Date | Description |
|---|---|
| May 2021 | Date of original grant of restricted stock units to the executive. |
| 05/17/2024 | Date of vesting of restricted stock units and subsequent share forfeiture for tax withholding. |
| 05/20/2024 | Date of signature on the Form 4 filing. |
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