Form 4: KLA Corp Executive Virendra A. Kirloskar Reports Stock Transactions Following RSU Vesting
SEC Form 4
Virendra A. Kirloskar, SVP & Chief Accounting Officer of KLA Corp, reports stock transactions related to the vesting of restricted stock units (RSUs) and tax withholding.
Summary
- Virendra A. Kirloskar, SVP & Chief Accounting Officer at KLA Corp, filed a Form 4 detailing changes in beneficial ownership.
- The transactions primarily involve the vesting of restricted stock units (RSUs) granted in 2021, 2022 and 2023.
- Shares were automatically withheld to cover tax obligations upon vesting.
- Kirloskar also sold 825 shares of common stock at $649.84 per share on August 5, 2024, under a pre-arranged Rule 10b5-1 trading plan.
- The reported transactions adjusted Kirloskar's direct holdings of KLA common stock.
Sentiment
Score: 6
Explanation: The document reflects routine executive compensation activity. The transactions are expected and do not indicate any significant positive or negative sentiment.
Positives
- The vesting of RSUs indicates that Kirloskar has met certain performance or time-based requirements.
- The sale of shares was conducted under a pre-arranged 10b5-1 trading plan, suggesting it was planned and not based on insider information.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into insider transactions, which are closely monitored by investors.
Comparison to Industry Standards
- Executive compensation packages in the semiconductor industry often include a mix of salary, stock options, and restricted stock units (RSUs).
- The vesting schedules and tax withholding practices described in the document are typical for RSU grants.
- Companies like ASML, Applied Materials, and Lam Research also utilize RSUs as part of their executive compensation plans.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders.
- The sale of shares under a 10b5-1 plan ensures fair market practices.
Key Dates
| Date | Description |
|---|---|
| 08/05/2021 | Reporting Person was granted restricted stock units (RSUs) for 961.000 shares of KLA common stock |
| 08/04/2022 | Reporting Person was granted restricted stock units (RSUs) for 894.000 shares of KLA common stock |
| 08/03/2023 | Reporting Person was granted restricted stock units (RSUs) for 635.000 shares of KLA common stock |
| 02/01/2024 | Reporting Person adopted a Rule 10b5-1 trading plan |
| 08/02/2024 | Fair market value of KLA common stock used for purposes of calculating the number of shares to be withheld was the closing price of KLA common stock |
| 08/03/2024 | Twenty-five percent (25%) of the RSUs vested that were granted on August 3, 2023 |
| 08/04/2024 | Twenty-five percent (25%) of the RSUs vested that were granted on August 4, 2022 |
| 08/05/2024 | Twenty-five percent (25%) of the RSUs vested that were granted on August 5, 2021 |
| 08/05/2024 | 50% of the performance-based restricted stock units granted on August 5, 2021 vested |
| 08/05/2024 | Reporting person sold 825 shares of common stock |
| 08/06/2024 | Date of signature |
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