Form 4: Flextronics Executive Sells Shares to Cover Tax Obligations
SEC Form 4
Michael P. Hartung, a Group President at FLEX Ltd., sold shares to cover tax withholding obligations related to vesting restricted share units.
Summary
- On June 11, 2024, Michael P. Hartung, a Group President of FLEX Ltd., sold 10,183 ordinary shares.
- The sale was executed to cover tax withholding obligations associated with the vesting of restricted share units (RSUs).
- The shares were sold at a weighted average price of $32.2, with individual sales prices ranging from $31.93 to $32.48.
- Following the transaction, Hartung beneficially owns 164,023 ordinary shares, including 43,724 unvested RSUs vesting in three equal annual installments beginning June 14, 2024, and 23,043 unvested RSUs vesting on June 1, 2025.
Sentiment
Score: 5
Explanation: Neutral sentiment as the transaction is a routine sale to cover tax obligations.
Industry Context
This is a routine transaction for executives to cover tax obligations related to equity compensation. It doesn't necessarily indicate a change in the executive's confidence in the company.
Stakeholder Impact
- The sale has a minimal impact on shareholders as it is a small percentage of the total outstanding shares and is related to tax obligations.
Key Dates
| Date | Description |
|---|---|
| 06/11/2024 | Date of share sale transaction. |
| 06/14/2024 | First vesting date for 43,724 unvested RSUs in three equal annual installments. |
| 06/01/2025 | Vesting date for 23,043 unvested RSUs. |
| 06/12/2024 | Date of signature for the Form 4 filing. |
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