Form 4: Magnachip Semiconductor Director Settles Stock for Tax Obligations
SEC Form 4 Filing
Director Kyo-Hwa Liz Chung of Magnachip Semiconductor Corp. settled 8,343 shares of common stock to cover foreign tax obligations.
Summary
- On June 1, 2024, Kyo-Hwa Liz Chung, a director of Magnachip Semiconductor Corp., settled 8,343 shares of common stock.
- The shares were forfeited and cash settled at $5.03 per share, totaling $41,965.29.
- This settlement was to satisfy foreign tax obligations that accrued upon the vesting of 18,539 shares from an RSU award granted on June 1, 2023.
- Following the transaction, Chung directly owns 29,901 shares of Magnachip Semiconductor Corp.
Sentiment
Score: 7
Explanation: The document reflects a routine transaction related to executive compensation and tax obligations, which is neutral to slightly positive as it indicates the executive is receiving and managing their equity compensation.
Industry Context
This type of transaction, where stock is used to cover tax obligations, is a common practice among corporate executives, particularly when dealing with equity compensation.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders as it involves a small number of shares being settled for tax purposes.
Key Dates
| Date | Description |
|---|---|
| 06/01/2023 | Date of original RSU award to the Reporting Person. |
| 06/01/2024 | Date of transaction: settlement of shares for tax obligations. |
| 06/04/2024 | Date of signature on the Form 4 filing. |
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