Form 4: TTM Technologies COO Sells Shares Under Pre-Arranged 10b5-1 Plan

Philip Titterton, EVP & COO of TTM Technologies Inc., sold 34,190 shares of common stock for tax obligations and cash proceeds related to RSU vesting, as disclosed in a recent Form 4 filing.

Summary

• Philip Titterton, Executive Vice President & Chief Operating Officer of TTM Technologies Inc. (TTMI), reported the sale of 34,190 shares of common stock.
• The sales occurred on June 23, 2025, at a weighted average price of $36.3906 per share, with prices ranging from $35.70 to $36.97.
• A total of 10,704 shares were sold to cover tax liabilities associated with the vesting of Restricted Stock Units (RSUs).
• An additional 23,486 shares were sold for cash proceeds, also incident to the vesting of RSUs.
• Both transactions were executed pursuant to a Rule 10b5-1 sales plan, indicating they were pre-scheduled.
• Following these transactions, Mr. Titterton beneficially owns 123,338 shares of TTM Technologies common stock.

Sentiment

Score: 5

Explanation: The transaction is a routine, pre-planned sale by an executive related to RSU vesting, which is a common and expected event in executive compensation. It does not indicate any significant positive or negative sentiment regarding the company's future prospects.

Positives

• The sales were conducted under a Rule 10b5-1 plan, indicating pre-planned transactions rather than reactive selling based on new, non-public information.
• A portion of the sales was specifically for covering tax liabilities related to RSU vesting, which is a common and expected event for executive compensation.

Negatives

• The executive reduced their direct beneficial ownership in the company by 34,190 shares.
• While routine, any executive sale reduces the alignment of the executive's personal wealth with shareholder interests to some extent.

Risks

• No specific risks are mentioned in this Form 4 filing beyond the general implication of an executive reducing their direct shareholdings, which is mitigated by the 10b5-1 plan and the reason for sale (RSU vesting).

Future Outlook

NA

Management Comments

• The sales were made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• The first reporting line represents the sale of shares, pursuant to a 10b5-1 Sales Plan, to pay the tax liability incident to the vesting of RSUs.
• The second reporting line represents the sale of shares, pursuant to a 10b5-1 Sales Plan, to sell shares for cash incident to the vesting of RSUs.

Industry Context

This Form 4 filing details a routine insider transaction related to executive compensation and does not provide information relevant to broader industry trends or competitive analysis.

Stakeholder Impact

• Shareholders: A minor increase in the float due to shares being sold, but the impact is minimal given the routine nature and relatively small volume compared to total shares outstanding. The pre-planned nature under 10b5-1 mitigates concerns about insider sentiment.

Key Dates

Keywords

TTM Technologies, TTMI, Form 4, insider trading, stock sale, executive compensation, RSU vesting, 10b5-1 plan, Philip Titterton, corporate officer