Form 4: Exelixis CEO Michael Morrissey Reports Stock Transactions
SEC Form 4
Michael Morrissey, CEO of Exelixis, reports exercising stock options, share withholding for taxes, and gifting shares to a family trust.
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 14, 2025, Morrissey exercised stock options to purchase 308,365 shares at $18.80 per share.
- He then sold 220,494 shares at $44.65 to cover the exercise price and tax obligations.
- On May 15, 2025, 104,769 shares were withheld by Exelixis to satisfy taxes related to vesting RSUs.
- On May 16, 2025, Morrissey gifted 87,871 shares to the Morrissey Family Trust.
- Following these transactions, Morrissey directly owns 1,518,240 shares and indirectly owns 1,852,856 shares through a family trust and 17,728 shares through a 401(k) plan.
Sentiment
Score: 5
Explanation: This is a routine filing reflecting standard executive compensation practices and estate planning. It doesn't indicate any particular positive or negative sentiment.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. These filings are closely watched by investors for signals about management's confidence in the company's prospects.
Comparison to Industry Standards
- Executive compensation packages often include stock options and restricted stock units (RSUs) to align management's interests with those of shareholders.
- The 'net exercise' of stock options, where shares are withheld to cover the exercise price and taxes, is a common practice.
- Gifting shares to family trusts is a standard estate planning strategy.
Key Dates
| Date | Description |
|---|---|
| July 21, 1994 | Date of the Morrissey Family Trust. |
| September 10, 2019 | Date the option became exercisable. |
| March 4, 2022 | Date of RSU award. |
| April 3, 2023 | Date of RSU award. |
| February 23, 2024 | Date of RSU award. |
| May 14, 2025 | Exercise of stock options and sale of shares. |
| May 15, 2025 | Shares withheld for RSU tax obligations. |
| May 16, 2025 | Gift of shares to the Morrissey Family Trust. |
| May 16, 2025 | Date of report. |
| September 09, 2025 | Expiration date of options. |
Keywords
Exelixis, Morrissey, Stock Options, Beneficial Ownership, Form 4, Securities, RSU, PSU
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.