Form 4: Exelixis CEO Michael Morrissey Reports Stock Transactions
SEC Form 4 Filing
Michael Morrissey, CEO of Exelixis, reports the withholding of shares for tax obligations and beneficial ownership of common stock and restricted stock units.
Summary
- Michael Morrissey, the President and CEO of Exelixis, filed a Form 4 detailing changes in his beneficial ownership of Exelixis stock.
- On February 15, 2025, 63,570 shares were withheld by Exelixis to cover taxes related to the vesting of performance-based restricted stock units (RSUs) awarded on March 4, 2021.
- These RSUs vested because Exelixis achieved certain performance criteria certified by the Compensation Committee on January 11, 2024.
- Following the transaction, Morrissey directly owns 1,026,366 shares of Exelixis common stock, which includes 848,381 shares to be issued upon vesting of RSUs.
- He also indirectly owns 1,587,000 shares through the Morrissey Family Living Trust and 17,728 shares through the Exelixis, Inc. 401(k) Plan.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral.
Industry Context
This filing is a routine disclosure of stock transactions by a company executive, which is common in publicly traded companies. It provides transparency into the executive's holdings and transactions in the company's stock.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive stock ownership.
- The tax withholding impacts Michael Morrissey's personal finances.
Key Dates
| Date | Description |
|---|---|
| July 21, 1994 | Date of the Morrissey Family Living Trust. |
| March 4, 2021 | Date of award of performance-based restricted stock units. |
| January 11, 2024 | Date the Compensation Committee certified that Exelixis, Inc. had achieved certain performance criteria. |
| February 14, 2025 | Date of plan statement for Exelixis, Inc. 401(k) Plan. |
| February 15, 2025 | Date of stock transaction (tax withholding). |
| February 19, 2025 | Date of Form 4 signature. |
Keywords
Exelixis, Michael Morrissey, Form 4, Beneficial Ownership, Stock Transactions, Restricted Stock Units, Tax Withholding, CEO, Securities
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