Form 4: Data I/O Corp VP, CFO Gerald Ng Reports Late Filing of Share Withholding for Taxes

Gerald Ng, Vice President and CFO of Data I/O Corp, reports a late filing related to shares withheld to cover taxes on a Restricted Stock Unit (RSU) vesting.

Summary

• Gerald Ng, the Vice President and CFO of Data I/O Corp, filed a Form 4 on February 12, 2025, to report a transaction that occurred on July 3, 2024.
• The transaction involved the withholding of 5,559 common stock shares to cover taxes on a Restricted Stock Unit (RSU) vesting.
• The shares were withheld at a price of $2.79, based on the average of the high and low prices for the day.
• Following the transaction, Ng directly owns 88,191 shares of Data I/O Corp.
• The filing was submitted late because it was inadvertently missed after the shares were withheld to cover taxes on the RSU vesting on July 3, 2024.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the late filing, which indicates a compliance oversight. However, the underlying transaction is a routine part of executive compensation.

Negatives

• The Form 4 filing was submitted late, which is a violation of SEC regulations.

Risks

• Late filings can result in penalties or regulatory scrutiny from the SEC.

Industry Context

This filing is a routine disclosure related to insider transactions. It is common for company executives to receive stock options or restricted stock units as part of their compensation packages. The withholding of shares to cover taxes upon vesting is also a standard practice.

Stakeholder Impact

• The late filing could raise concerns among shareholders regarding the company's internal controls and compliance procedures.

Key Dates

Keywords

Form 4, Insider Trading, Gerald Ng, Data I/O Corp, DAIO, RSU Vesting, Share Withholding, Taxes, CFO