Form 4: Cirrus Logic VP Andrew Brannan Reports Stock Transactions
SEC Form 4 Filing
Andrew Brannan, VP of Worldwide Sales at Cirrus Logic, reports the vesting and tax withholding of performance-based restricted stock units (PBRSUs) and restricted stock units (RSUs) on March 3, 2024.
Summary
- On March 3, 2024, Andrew Brannan, VP of Worldwide Sales at Cirrus Logic, engaged in transactions involving Cirrus Logic's common stock.
- These transactions included the vesting of 912 performance-based restricted stock units (PBRSUs) out of a target of 2,340, determined by a 39% payout percentage based on the company's total shareholder return (TSR) relative to the Philadelphia Semiconductor Index over a three-year period from March 3, 2021, to March 3, 2024.
- Additionally, 3,511 restricted stock units (RSUs) vested on the same date.
- Shares were withheld to satisfy tax withholding requirements related to both the PBRSU and RSU vestings.
- Following these transactions, Brannan directly owns 8,354 shares of Cirrus Logic common stock.
Sentiment
Score: 5
Explanation: This is a neutral filing, simply reporting stock transactions. It doesn't inherently indicate positive or negative sentiment about the company's performance.
Industry Context
This filing is a routine disclosure of stock transactions by a company insider, which is common in publicly traded companies. It provides transparency into the actions of key personnel and their holdings in the company.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies in the US, ensuring transparency in insider trading.
- Companies like Texas Instruments (TXN) and Analog Devices (ADI) also have similar insider transaction filings regularly.
- The vesting schedules and performance metrics tied to equity compensation are typical for companies in the semiconductor industry.
Stakeholder Impact
- The transactions have a minor impact on shareholders, as they reflect the vesting of previously granted equity compensation.
- Employees may be interested in the performance metrics tied to the PBRSUs, as it reflects the company's performance relative to its peers.
Key Dates
| Date | Description |
|---|---|
| 03/03/2021 | Start date for the three-year performance period for PBRSU vesting. |
| 03/03/2024 | Date of vesting for PBRSUs and RSUs, and the date of reported transactions. |
| 03/05/2024 | Date of the Form 4 filing. |
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