Form 4: TTM Technologies EVP & COO Philip Titterton Reports Stock Sales to Cover Tax Obligations and Generate Cash

Philip Titterton, EVP & COO of TTM Technologies, sold shares of common stock on June 24, 2024, to cover tax liabilities and generate cash related to the vesting of Restricted Stock Units (RSUs).

Summary

• On June 24, 2024, Philip Titterton, the EVP & COO of TTM Technologies, sold 10,179 shares of common stock to cover tax liabilities associated with the vesting of RSUs.
• Additionally, Titterton sold 21,910 shares of common stock for cash related to the vesting of RSUs.
• Both transactions were executed under a pre-arranged 10b5-1 sales plan.
• The sales were conducted at a weighted average price of $18.9909 per share, with individual transactions ranging from $18.72 to $19.29.
• Following these transactions, Titterton directly owns 157,528 shares of TTM Technologies common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing simply reports stock sales by an executive, which are part of normal compensation practices. The existence of a 10b5-1 plan suggests pre-planned and orderly transactions.

Positives

• The sales were conducted under a pre-arranged 10b5-1 sales plan, which is generally viewed as a transparent and orderly way for insiders to sell shares.

Risks

• Insider selling can sometimes be perceived negatively by investors, although in this case, the sales appear to be related to tax obligations and generating cash from vested RSUs.

Industry Context

Insider transactions are routinely monitored and reported to the SEC. Sales to cover tax obligations on vesting equity are common.

Stakeholder Impact

• The stock sales could have a minor impact on shareholders due to the increased supply of shares in the market, but the impact is likely to be minimal given the relatively small number of shares sold.

Key Dates