Form 4: MaxLinear CEO Kishore Seendripu Receives Stock Award and Corrects Prior Filings
SEC Form 4 Filing
Kishore Seendripu, CEO of MaxLinear, received 8,148 shares of common stock under the company's Executive Incentive Bonus Plan and corrected a clerical error in previous filings, adjusting his beneficial ownership.
Summary
- On February 20, 2025, Kishore Seendripu, Chairman, President, and CEO of MaxLinear, received 8,148 shares of MaxLinear common stock as part of the company's Executive Incentive Bonus Plan.
- These shares were issued under the Amended and Restated 2010 Equity Incentive Plan.
- The grant amount was determined based on the award earned under the Bonus Plan and the closing price of MaxLinear's common stock on February 20, 2025.
- The settlement of these shares has been deferred until March 3, 2025.
- The report also includes a correction for a clerical error in prior Section 16 filings, which omitted 14,441 shares.
- Following these transactions, Seendripu directly owns 697,696 shares.
- Seendripu also indirectly owns shares through various trusts, including family trusts and annuity trusts, for the benefit of himself, his spouse, and his children.
Sentiment
Score: 7
Explanation: The document is neutral to slightly positive. It reflects standard executive compensation practices and a correction of a previous error, indicating transparency. The stock award suggests confidence in the executive's performance.
Positives
- The stock award reflects the executive's performance under the company's incentive plan.
- The correction of the clerical error demonstrates transparency and attention to detail in reporting beneficial ownership.
Future Outlook
The document does not contain specific forward-looking statements beyond the deferred settlement date of the awarded shares.
Industry Context
This filing is a routine disclosure related to executive compensation and beneficial ownership, common in publicly traded companies. It provides transparency to investors regarding the holdings of key company personnel.
Comparison to Industry Standards
- Executive compensation packages, including stock awards, are common practice in the semiconductor industry to incentivize performance and align executive interests with shareholder value.
- Companies like Broadcom, Qualcomm, and Marvell also utilize similar equity-based compensation plans for their executives.
- The size and structure of these awards are typically benchmarked against peer companies and industry standards to ensure competitiveness.
Stakeholder Impact
- Shareholders are informed about the executive's compensation and ownership structure.
- Employees may view the stock award as a positive sign of the company's commitment to its leadership.
Next Steps
- Settlement of the 8,148 shares on March 3, 2025.
Key Dates
| Date | Description |
|---|---|
| 10/5/09 | Date of the Seendripu Family Trust and the Seendripu Relatives Trust. |
| 10/5/2009 | Date of the Samira Seendripu Trust and the Ishan Krishna Seendripu Trust. |
| July 13, 2020 | Date of the SS Heritage Trust and the IKS Heritage Trust. |
| 08/01/2024 | 104,049 shares transferred from the Kishore V. Seendripu 2022 Annuity Trust A and 104,049 shares transferred from the Rekha S. Seendripu 2022 Annuity Trust A to the Seendripu Family Trust. |
| 07/14/2023 | Date of the Ishan Krishna Seendripu Trust #2, the Samira Seendripu Trust #2, the IKS Heritage Trust #2, and the SS Heritage Trust #2. |
| 02/20/2025 | Date of the stock award to Kishore Seendripu under the Executive Incentive Bonus Plan. |
| 02/24/2025 | Date of the Form 4 filing. |
| 03/03/2025 | Deferred settlement date for the shares issued under the Bonus Plan. |
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