Form 4: Cirrus Logic Executive Carl Jackson Alberty Reports Stock Transactions
SEC Form 4 Filing
Carl Jackson Alberty, VP of MSP at Cirrus Logic, reports the vesting of performance shares and restricted stock units, along with associated tax withholding.
Summary
- On March 3, 2024, Carl Jackson Alberty, VP of MSP at Cirrus Logic, had performance shares and restricted stock units vest.
- 883 shares of common stock vested from performance-based restricted stock units (PBRSUs) based on a 39% payout percentage determined by Cirrus Logic's total shareholder return (TSR) relative to the Philadelphia Semiconductor Index over a three-year period.
- 3,397 restricted stock units also vested, each equivalent to one share of common stock.
- Shares were withheld to satisfy tax withholding requirements related to the vesting of both the performance shares and restricted stock units.
- Following these transactions, Alberty directly owns 40,507 shares of Cirrus Logic common stock and 9,619 derivative securities.
Sentiment
Score: 5
Explanation: This is a routine filing related to executive compensation. It doesn't indicate any significant positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Executive compensation packages often include a mix of salary, stock options, and restricted stock units to align management's interests with those of shareholders.
- The vesting of performance-based RSUs tied to TSR is a common practice to incentivize long-term value creation.
- Companies like Texas Instruments (TXN) and Analog Devices (ADI) also utilize similar equity-based compensation strategies.
Stakeholder Impact
- The vesting of shares and subsequent tax withholding has a minor dilutive effect on existing shareholders.
- Executive compensation is always of interest to shareholders.
Key Dates
| Date | Description |
|---|---|
| 03/03/2021 | Start date for the three-year performance period for performance-based restricted stock units (PBRSUs). |
| 03/03/2024 | Date of the reported transactions: vesting of performance shares and restricted stock units. |
| 03/03/2024 | End date for the three-year performance period for performance-based restricted stock units (PBRSUs). |
| 03/05/2024 | Date of the report filing. |
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