Form 4: InTEST Corp Executive Joseph McManus Jr. Reports Acquisition of Shares and Stock Options
SEC Form 4
Joseph McManus Jr., Division President at inTEST Corp, reports the acquisition of common stock and stock options, including restricted and performance-based shares, through the company's 2023 Stock Incentive Plan.
Summary
- On March 17, 2025, Joseph McManus Jr., Division President-Electronic Test at inTEST Corp, reported acquiring 4,738 common stock shares and 4,738 performance-based restricted shares.
- These shares were granted under the inTEST Corporation 2023 Stock Incentive Plan.
- The restricted shares will vest in four equal annual installments starting March 17, 2026.
- The performance-based restricted shares will vest on March 17, 2028, contingent on certain performance criteria, with a maximum of 7,107 shares vesting at target performance.
- McManus also acquired options to purchase 2,006 shares at $7.74, vesting in four equal annual installments commencing March 17, 2026, in lieu of a $9,246 merit increase.
- Additionally, he acquired options to purchase 7,954 shares at $7.74, also vesting in four equal annual installments commencing March 17, 2026.
- McManus also holds options to purchase shares at prices of $11.33, $16.06, $8.14 and $13.13, vesting at various dates.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It's a routine filing indicating stock and option grants to an executive, which is a common practice. The vesting schedules suggest a long-term commitment, which is mildly positive.
Positives
- The grant of restricted shares and stock options to a key executive aligns his interests with those of the shareholders.
- The vesting schedules for the restricted shares and stock options encourage long-term commitment from the executive.
- The performance-based restricted shares incentivize the achievement of specific performance goals.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors to gauge management's sentiment and confidence in the company's prospects.
Stakeholder Impact
- Shareholders may view the stock and option grants as an incentive for the executive to drive company performance.
- Employees may see the grants as a positive sign of the company's commitment to its leadership.
- The grants have no immediate impact on customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 03/07/2033 | Expiration date for employee stock options with an exercise price of $16.06. |
| 03/05/2034 | Expiration date for employee stock options with an exercise price of $11.33. |
| 03/16/2035 | Expiration date for employee stock options with an exercise price of $7.74 (granted for 2,006 shares). |
| 03/16/2035 | Expiration date for employee stock options with an exercise price of $7.74 (granted for 7,954 shares). |
| 04/27/2031 | Expiration date for employee stock options with an exercise price of $13.13. |
| 04/27/2032 | Expiration date for employee stock options with an exercise price of $8.14. |
| 04/28/2022 | Commencement date for vesting of employee stock options with an exercise price of $13.13. |
| 04/28/2023 | Commencement date for vesting of employee stock options with an exercise price of $8.14. |
| 03/08/2024 | Commencement date for vesting of employee stock options with an exercise price of $16.06. |
| 03/06/2025 | Commencement date for vesting of employee stock options with an exercise price of $11.33. |
| 03/17/2025 | Date of transaction: acquisition of common stock and stock options. |
| 03/17/2026 | Commencement date for vesting of restricted shares and employee stock options with an exercise price of $7.74 (granted for 2,006 shares). |
| 03/17/2026 | Commencement date for vesting of restricted shares and employee stock options with an exercise price of $7.74 (granted for 7,954 shares). |
| 03/17/2028 | Vesting date for performance-based restricted shares, dependent upon certain performance criteria. |
Keywords
inTEST Corp, Joseph McManus Jr., Form 4, Stock Incentive Plan, Restricted Shares, Stock Options, Beneficial Ownership, INTT
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