Form 4: QuickLogic Corp Executive Receives Stock Grant to Correct Tax Liability Miscalculation

Timothy Saxe, SR. VP and CTO of QuickLogic Corp, received a one-time grant of 12,225 shares of common stock on August 26, 2024, to compensate for a miscalculation by the issuer regarding shares required to cover his tax liability.

Summary

• This Form 4 filing reports a change in beneficial ownership for Timothy Saxe, SR. VP and CTO of QuickLogic Corp.
• On August 26, 2024, Mr. Saxe acquired 12,225 shares of QuickLogic Corp common stock.
• This acquisition was a one-time grant of restricted stock units that vested immediately upon the grant date.
• The grant was issued to compensate Mr. Saxe for a miscalculation by QuickLogic regarding the number of shares needed to cover his tax liability.
• Following the transaction, Mr. Saxe beneficially owns 133,567 shares of QuickLogic Corp common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The document describes a corrective action by the company to compensate an executive for a tax miscalculation, which is a responsible action. There are no indications of negative performance or significant risks.

Positives

• The grant of shares rectifies an error made by the company, ensuring the executive is appropriately compensated after a tax liability miscalculation.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This particular filing highlights a specific instance of compensation adjustment related to a tax miscalculation.

Stakeholder Impact

• The correction of the tax liability miscalculation ensures fair compensation for the executive, which can positively impact employee morale.
• The transparency of the Form 4 filing provides shareholders with insight into executive compensation and company practices.

Key Dates