4/A: Photronics Director Macricostas Corrects Prior Filing on Restricted Stock Units

Constantine S. Macricostas, a director at Photronics Inc, filed an amended Form 4 to correct details regarding restricted stock units received as board compensation.

Summary

• Constantine S. Macricostas, a director of Photronics Inc, filed an amendment to a previous Form 4 filing.
• The amendment corrects the amount of restricted stock units and their price as previously reported.
• The director acquired 7,548 restricted stock units as compensation for board service.
• These units reflect $170,000 of board compensation divided by a fair market value of $22.52 per share on the grant date.
• The restricted stock units vest in four equal installments: 25% on April 4, 2025, 25% on July 4, 2025, 25% on October 3, 2025, and the final 25% on January 2, 2026.
• Following the reported transaction, Macricostas beneficially owns 490,123 shares of Photronics common stock.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing correcting a previous error. It doesn't contain any significantly positive or negative information, but the correction itself suggests attention to detail and compliance, which is moderately positive.

Positives

• The director's holdings in Photronics common stock remain substantial at 490,123 shares.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency to investors regarding the alignment of management's interests with those of shareholders.

Comparison to Industry Standards

• Director compensation packages, including restricted stock units, are common practice among publicly traded companies like Photronics to incentivize and retain board members.
• The vesting schedule of the restricted stock units (25% quarterly) is a typical arrangement to ensure continued service and commitment from the director.
• Comparable companies in the semiconductor industry, such as Applied Materials (AMAT) and Lam Research (LRCX), also utilize stock-based compensation for their directors and executives.

Stakeholder Impact

• The correction of the filing ensures accurate information for shareholders regarding director compensation and ownership.
• The vesting schedule of the restricted stock units incentivizes the director to remain engaged and contribute to the company's success.

Key Dates

Keywords

Photronics, Macricostas, Director, Restricted Stock Units, Form 4, Amendment, Compensation, PLAB