Form 4: Seagate Executive John Christopher Morris Reports Stock Transactions
SEC Form 4 Filing
John Christopher Morris, SVP & CTO of Seagate Technology, reports acquisition and disposal of ordinary shares and restricted share units (RSUs) on September 9th and 10th, 2024.
Summary
- John Christopher Morris, SVP & CTO of Seagate Technology, filed a Form 4 detailing changes in beneficial ownership.
- On September 9, 2024, Morris acquired 3,848, 1,885 and 499 ordinary shares through the vesting of restricted share units.
- He also disposed of 1,178 and 577 and 153 ordinary shares to cover tax liabilities related to the vesting of RSUs at a price of $101.34.
- On September 10, 2024, Morris sold 9,414 ordinary shares at a price of $101.27.
- Following these transactions, Morris directly owns 16,490 ordinary shares.
- Morris also acquired 560 and 10,105 restricted share units on September 9, 2024.
- The sales were conducted under a Rule 10b5-1 trading plan adopted on February 6, 2024.
Sentiment
Score: 5
Explanation: The document reflects routine executive stock transactions, with no indication of unusual or concerning activity. The use of a pre-arranged trading plan suggests a neutral outlook.
Industry Context
Executive stock transactions are common and closely monitored, providing insights into management's perspective on the company's valuation and future prospects. Rule 10b5-1 plans are frequently used to schedule trades in advance and avoid accusations of insider trading.
Comparison to Industry Standards
- Executive compensation packages in the technology industry often include a mix of salary, stock options, and restricted stock units (RSUs).
- Vesting schedules for RSUs typically range from three to five years, aligning executive incentives with long-term company performance.
- Companies like Western Digital and Micron Technology also utilize RSUs as part of their executive compensation plans.
- The use of Rule 10b5-1 trading plans is a standard practice among corporate executives to manage their stock holdings in a compliant manner.
Key Dates
| Date | Description |
|---|---|
| 2021-09-09 | First vesting date for some of the RSUs granted to the Reporting Person. |
| 2022-09-09 | First vesting date for some of the RSUs granted to the Reporting Person. |
| 2023-09-09 | First vesting date for some of the RSUs granted to the Reporting Person. |
| 2024-01-31 | Reporting Person purchased 158 Ordinary Shares under the Issuer's Employee Stock Purchase Plan. |
| 2024-02-06 | Date the Reporting Person adopted a Rule 10b5-1 trading plan. |
| 2024-07-31 | Reporting Person purchased 169 Ordinary Shares under the Issuer's Employee Stock Purchase Plan. |
| 2024-09-09 | Date of multiple transactions including acquisition of shares through RSU vesting and disposal of shares for tax liabilities. |
| 2024-09-10 | Date of sale of 9,414 ordinary shares. |
| 2024-09-11 | Date of Form 4 filing. |
| 2025-09-09 | First vesting date for some of the RSUs granted to the Reporting Person. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.