4/A: Photronics Director David A. Garcia Amends Filing to Correct Restricted Stock Unit Details

David A. Garcia, a director at Photronics Inc., amended a previous SEC filing to correct the amount and price of restricted stock units received as board compensation.

Summary

• David A. Garcia, a director of Photronics Inc. (PLAB), filed an amendment to a previous Form 4 filing.
• The amendment corrects the amount of restricted stock units (RSUs) and their price.
• The corrected filing shows that Garcia acquired 7,548 shares of common stock in the form of RSUs on February 13, 2025, at a price of $0.
• These RSUs represent $170,000 of board compensation divided by the fair market value per share of $22.52 on the grant date.
• The RSUs vest in four equal installments: 25% on April 4, 2025, 25% on July 4, 2025, 25% on October 3, 2025, and 25% on January 2, 2026.

Sentiment

Score: 7

Explanation: The document is a routine correction of an SEC filing, indicating standard corporate governance practices. The grant of RSUs is generally viewed positively as it aligns director and shareholder interests.

Positives

• The grant of restricted stock units aligns the director's interests with those of the shareholders.
• The vesting schedule encourages continued service on the board.

Future Outlook

The director will receive shares of common stock as the restricted stock units vest over the next year.

Industry Context

This filing is a routine disclosure related to insider compensation and is typical for publicly traded companies.

Comparison to Industry Standards

• Director compensation packages, including restricted stock units, are common practice among publicly traded companies like Photronics.
• Comparable companies such as Applied Materials (AMAT) and Lam Research (LRCX) also utilize equity-based compensation to align director and shareholder interests.
• The vesting schedule is fairly standard, promoting long-term commitment from the director.

Stakeholder Impact

• Shareholders may view the corrected filing as a sign of transparency and attention to detail by the company.
• The vesting schedule of the RSUs may incentivize the director to continue contributing to the company's success.

Key Dates

Keywords

Photronics, PLAB, David A. Garcia, restricted stock units, RSUs, Form 4, SEC filing, board compensation, insider trading