Form 4: Keysight SVP Ingrid Estrada Boosts Stake with Equity Awards

Keysight Technologies SVP Ingrid Estrada reported acquiring 13,571 shares through equity awards and surrendering 3,094 shares for tax obligations.

Summary

• Ingrid A. Estrada, Senior Vice President (SVP) of Keysight Technologies, Inc. (KEYS), reported changes in her beneficial ownership of common stock.
• On November 19, 2025, 4,305 shares of common stock were awarded to Ms. Estrada under the Keysight Technologies, Inc. Long-Term Performance Program.
• Also on November 19, 2025, Ms. Estrada surrendered 2,135 shares of common stock to Keysight to satisfy tax liability related to the Long-Term Performance shares, at a price of $174.61 per share.
• On November 20, 2025, 9,266 shares of common stock underlying Restricted Stock Units (RSUs) were granted to Ms. Estrada pursuant to the Keysight 2014 Equity and Incentive Compensation Plan.
• The RSUs granted on November 20, 2025, will vest in equal installments on each of the first four anniversaries of the grant date.
• On November 20, 2025, Ms. Estrada surrendered 959 shares of common stock to Keysight to satisfy tax liability on the release of restricted shares, at a price of $169.67 per share.
• Following these transactions, Ms. Estrada beneficially owns 114,906.19 shares of Keysight Technologies, Inc. common stock directly.

Sentiment

Score: 7

Explanation: The filing reflects routine executive compensation through equity awards, indicating continued alignment of management interests with shareholders, offset by standard tax-related share surrenders.

Positives

• SVP Ingrid Estrada received significant equity awards (13,571 shares in total), aligning her interests with long-term shareholder value.
• The awards are part of established long-term performance and equity incentive programs, indicating a structured approach to executive compensation.

Negatives

• A portion of the awarded shares (3,094 shares) was surrendered to cover tax liabilities, which is a standard practice but reduces the net increase in direct ownership.

Future Outlook

The Restricted Stock Units granted on November 20, 2025, are scheduled to vest in equal installments on each of the first four anniversaries of the grant date, indicating future share releases.

Industry Context

These transactions represent routine executive compensation practices common across the technology and instrumentation industry, where equity awards are a significant component of long-term incentive plans designed to align executive and shareholder interests.

Comparison to Industry Standards

• The use of Long-Term Performance Programs and Restricted Stock Units (RSUs) for executive compensation is a standard practice observed in many publicly traded technology companies, similar to peers like Fortive, Danaher, or Teledyne Technologies.
• The surrender of shares to cover tax liabilities upon vesting or award release is also a common and expected mechanism under Rule 16b-3, ensuring compliance and efficient tax management for executives.

Related Party Transactions

• Award of 4,305 common shares to SVP Ingrid Estrada under the Keysight Technologies, Inc. Long-Term Performance Program.
• Surrender of 2,135 common shares by SVP Ingrid Estrada to Keysight to satisfy tax liability on the Long-Term Performance shares.
• Grant of 9,266 Restricted Stock Units to SVP Ingrid Estrada under the Keysight 2014 Equity and Incentive Compensation Plan.
• Surrender of 959 common shares by SVP Ingrid Estrada to Keysight to satisfy tax liability on the Restricted Stock Units.

Stakeholder Impact

• Shareholders: Increased executive ownership through equity awards generally aligns management's financial interests with those of shareholders, potentially fostering long-term value creation.
• Employees: The filing highlights the company's use of equity incentive plans, which can be a positive signal for employee retention and motivation, particularly for key personnel.

Next Steps

• The Restricted Stock Units granted on November 20, 2025, will vest in equal installments on each of the first four anniversaries of the grant date.

Key Dates

Recommendation

This Form 4 details routine executive equity compensation and tax-related share surrenders. It does not present new information that would fundamentally alter the investment thesis for Keysight Technologies, Inc., thus a 'hold' recommendation is appropriate based solely on this filing.

Keywords

Keysight Technologies, KEYS, Ingrid Estrada, SVP, Form 4, Insider Transaction, Equity Award, Restricted Stock Units, Executive Compensation, Share Ownership