Form 4: Photronics EVP, CFO Eric Rivera Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Eric Rivera, EVP and CFO of Photronics, reports the acquisition and disposal of common stock related to tax liabilities and restricted stock awards.
Summary
- On January 2, 2025, Eric Rivera disposed of 555 shares of common stock at $24.01 to cover tax liabilities related to restricted stock awards granted on January 2, 2021.
- On January 3, 2025, Rivera disposed of 785 shares at $24.12 to cover tax liabilities related to restricted stock awards granted on January 3, 2022.
- Also on January 3, 2025, Rivera disposed of 1,542 shares at $24.12 to cover tax liabilities related to restricted stock awards granted on January 3, 2023.
- Further, on January 3, 2025, Rivera disposed of 1,019 shares at $24.12 to cover tax liabilities related to restricted stock awards granted on January 3, 2024.
- On January 3, 2025, Rivera acquired 38,000 shares of common stock at $0 related to restricted stock awards.
- Following these transactions, Rivera beneficially owns 101,774 shares of Photronics common stock.
Sentiment
Score: 6
Explanation: Neutral sentiment as the filing reflects routine transactions related to executive compensation and does not indicate any significant positive or negative developments.
Positives
- The acquisition of 38,000 shares indicates continued alignment of the executive's interests with the company's performance.
Future Outlook
25% of the Restricted Stock Awards granted will vest on each anniversary date of the grant over four years.
Industry Context
Form 4 filings are a routine part of executive compensation and provide transparency into insider transactions, which investors monitor for signals about management's confidence in the company.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock awards that vest over time, aligning executive interests with long-term shareholder value.
- Companies like Taiwan Semiconductor Manufacturing (TSM) and ASML Holding (ASML), which operate in related industries, also utilize stock-based compensation as part of their executive pay.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they primarily reflect internal compensation adjustments for an executive.
Key Dates
| Date | Description |
|---|---|
| 01/02/2021 | Date of Restricted Stock Awards grant associated with tax liabilities for shares disposed of on 01/02/2025. |
| 01/03/2022 | Date of Restricted Stock Awards grant associated with tax liabilities for shares disposed of on 01/03/2025. |
| 01/03/2023 | Date of Restricted Stock Awards grant associated with tax liabilities for shares disposed of on 01/03/2025. |
| 01/03/2024 | Date of Restricted Stock Awards grant associated with tax liabilities for shares disposed of on 01/03/2025. |
| 01/02/2025 | Date of transaction: Disposal of 555 shares for tax liabilities. |
| 01/03/2025 | Date of transaction: Disposal of 3,346 shares for tax liabilities and acquisition of 38,000 shares of restricted stock. |
| 01/06/2025 | Date of signature on the Form 4 filing. |
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