Form 4: Exelixis CEO Michael Morrissey Reports Stock Transactions
SEC Filing
Exelixis CEO Michael Morrissey reports the withholding of shares to cover taxes related to vesting restricted stock units.
Summary
- Michael Morrissey, the President and CEO of Exelixis, Inc., filed a Form 4 detailing changes in beneficial ownership of the company's stock.
- On May 15, 2024, shares were withheld by Exelixis to satisfy tax obligations related to the vesting of restricted stock units.
- 34,262 shares were withheld at a price of $20.99 related to restricted stock units awarded March 4, 2022.
- 39,681 shares were withheld at a price of $20.99 related to restricted stock units awarded April 3, 2023.
- Following these transactions, Morrissey directly owns 964,384 shares of common stock, which includes 830,957 shares that will be issued upon vesting of restricted stock units.
- Morrissey also indirectly owns 1,436,914 shares through a family trust and 17,728 shares through a 401(k) plan.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions for tax purposes, indicating a neutral sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates standard tax-related stock withholding.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they relate to tax obligations of the CEO.
Key Dates
| Date | Description |
|---|---|
| July 21, 1994 | Date of the Morrissey Family Living Trust. |
| March 4, 2022 | Date of restricted stock units award related to tax withholding. |
| April 3, 2023 | Date of restricted stock units award related to tax withholding. |
| May 14, 2024 | Date of plan statement for Exelixis, Inc. 401(k) Plan. |
| May 15, 2024 | Date of stock transactions (tax withholding). |
| May 17, 2024 | Date of signature on the Form 4 filing. |
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