Form 4: TTM Technologies EVP & COO Philip Titterton Reports Stock Transactions

Philip Titterton, EVP & COO of TTM Technologies, reports the vesting of performance-based restricted stock units and subsequent sale of shares to cover tax liabilities and for cash, according to a Form 4 filing.

Summary

• On February 11, 2025, Philip Titterton, EVP & COO of TTM Technologies, had 36,981 shares released due to the vesting of performance-based restricted stock units granted on June 22, 2022.
• On February 12, 2025, Titterton sold 12,189 shares at a weighted average price of $25.5564 to cover tax liabilities related to the vesting of Performance RSUs.
• Also on February 12, 2025, Titterton sold 24,792 shares at a weighted average price of $25.5564 for cash, also incident to the vesting of Performance RSUs.
• Both sales were executed pursuant to a 10b5-1 Sales Plan.
• Following these transactions, Titterton directly owns 157,528 shares of TTM Technologies common stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral. The transactions are routine and pre-planned, with no indication of unusual activity or concern.

Positives

• The vesting of performance-based restricted stock units suggests that performance targets were met, which could be viewed positively.

Negatives

• The sale of shares by an executive could be interpreted negatively by some investors, although it is disclosed that the sales were part of a pre-arranged 10b5-1 plan to cover tax liabilities and for cash.

Risks

• Executive stock sales, even under a 10b5-1 plan, can sometimes create short-term downward pressure on the stock price.

Industry Context

Executive stock transactions are a common occurrence in publicly traded companies and are often scrutinized by investors for insights into management's perspective on the company's future prospects. The use of 10b5-1 plans is a standard practice to avoid accusations of insider trading.

Comparison to Industry Standards

• Executive compensation practices, including the use of RSUs and stock options, are common across the technology and manufacturing sectors.
• Companies like Sanmina and Flex also utilize similar equity-based compensation plans for their executives.
• The vesting schedules and performance metrics associated with RSUs vary by company and are often tied to specific financial or operational goals.

Stakeholder Impact

• The stock sales could have a minor impact on shareholders due to potential short-term price fluctuations.
• The vesting of RSUs is a form of compensation for the executive, aligning their interests with the company's performance.

Key Dates