Form 4: EMCORE Interim CEO Matthew Vargas Reports Stock Transaction
SEC Form 4 Filing
Interim CEO of EMCORE Corporation, Matthew Vargas, reports disposition of shares to cover tax obligations related to vesting of Restricted Stock Units (RSUs).
Summary
- On August 9, 2024, EMCORE Corporation Interim CEO Matthew Vargas disposed of 48 shares of common stock to cover tax withholding obligations.
- The shares were withheld in accordance with Rule 16b-3 related to the vesting of 155 Restricted Stock Units (RSUs) on the same date.
- The price per share for the transaction was $0.9315.
- Following the transaction, Vargas directly owns 218,731 shares of EMCORE common stock.
- The reported securities have been adjusted to reflect the 10-for-1 reverse stock split effective on April 1, 2024.
Sentiment
Score: 5
Explanation: The document reflects a routine transaction related to executive compensation and tax obligations, with no indication of positive or negative sentiment.
Industry Context
This Form 4 filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into their transactions in the company's stock. It is a standard practice for executives to sell shares to cover tax obligations when RSUs vest.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine sale of shares to cover tax obligations.
Key Dates
| Date | Description |
|---|---|
| 08/09/2022 | Reporting Person was granted 620 RSUs, vesting in four equal annual installments beginning on the first anniversary of the grant date. |
| 04/01/2024 | 10-for-1 reverse stock split of EMCORE common stock became effective. |
| 08/09/2024 | Reporting Person vested in 155 shares from RSU award and disposed of 48 shares to cover tax obligations. |
| 08/12/2024 | Date of signature for the Form 4 filing. |
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