Form 4: EMCORE CEO Jeffrey Rittichier Sells Shares to Cover Tax Obligations
SEC Form 4
EMCORE Corp CEO Jeffrey Rittichier disposed of shares to cover tax withholding obligations related to the vesting of restricted stock units.
Summary
- On March 23, 2024, EMCORE Corp CEO Jeffrey Rittichier disposed of 19,743 shares of common stock at a price of $0.3813 to cover tax obligations related to the vesting of restricted stock units (RSUs) granted on March 23, 2021.
- Additionally, on the same day, Rittichier disposed of 32,375 shares of common stock at the same price to cover tax obligations related to the vesting of RSUs granted on March 23, 2023.
- Following these transactions, Rittichier still beneficially owns 946,531 shares of EMCORE Corp common stock.
Sentiment
Score: 5
Explanation: This is a neutral event. The sale of shares is related to tax obligations and doesn't necessarily reflect a change in the executive's confidence in the company.
Industry Context
This is a routine transaction related to executive compensation and tax obligations. It is common for executives to sell shares to cover taxes when restricted stock units vest.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is related to tax obligations and does not represent a significant change in ownership.
Key Dates
| Date | Description |
|---|---|
| 03/23/2021 | Reporting Person was granted 130,000 restricted stock units (RSUs), vesting in four equal annual installments beginning on the first anniversary of the grant date |
| 03/23/2023 | Reporting person was granted 217,100 restricted stock units (RSUs), vesting in four equal annual installments beginning on the first anniversary of the grant date |
| 03/23/2024 | Vesting date of RSUs granted on March 23, 2021 and March 23, 2023; shares disposed of to cover tax obligations. |
| 03/26/2024 | Date of signature for the Form 4 filing. |
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