Form 4: TTM Technologies Executive Sells Shares to Cover RSU Tax Obligations

Douglas L. Soder, EVP and Commercial Sector President of TTM Technologies Inc., sold 13,282 shares of common stock on June 23, 2025, to satisfy tax liabilities arising from the vesting of Restricted Stock Units, executed under a Rule 10b5-1 plan.

Summary

• Douglas L. Soder, EVP, Commercial Sector President of TTM Technologies Inc. (TTMI), reported a sale of common stock.
• The transaction occurred on June 23, 2025.
• A total of 13,282 shares of common stock were disposed of.
• The shares were sold at a weighted average price of $36.3362 per share, with individual transactions ranging from $35.70 to $36.92.
• The sale was conducted pursuant to a Rule 10b5-1 Sales Plan.
• The purpose of the sale was to cover tax liabilities incurred from the vesting of Restricted Stock Units (RSUs).
• Following this transaction, Mr. Soder beneficially owns 159,744 shares of TTM Technologies common stock.

Sentiment

Score: 5

Explanation: The sentiment is neutral. This is a routine Form 4 filing detailing a pre-planned sale of shares by an executive to cover tax obligations related to RSU vesting. It does not indicate any positive or negative operational or financial news for the company.

Positives

• The transaction was executed under a Rule 10b5-1 plan, indicating a pre-arranged sale that enhances transparency and mitigates concerns about insider trading based on non-public information.
• The sale was for the specific purpose of covering tax liabilities incident to RSU vesting, which is a common and routine event for executives receiving equity compensation.

Negatives

• The sale represents a reduction in direct beneficial ownership by a key executive, though the amount is relatively small compared to his remaining holdings.

Risks

• No specific risks are mentioned in this Form 4 filing beyond the inherent market risks associated with holding equity. The transaction itself is a routine event.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• The filing indicates the sale was made "pursuant to a 10b5-1 Sales Plan, to pay the tax liability incident to the vesting of RSUs."

Industry Context

This Form 4 filing details a routine insider transaction for tax purposes and does not provide specific insights into broader industry trends or competitive dynamics within the printed circuit board or semiconductor industries where TTM Technologies operates. Such transactions are common across all industries for executives receiving equity compensation.

Comparison to Industry Standards

• This filing is a standard Form 4 for an insider stock transaction. The sale of shares to cover tax liabilities upon RSU vesting is a common practice for executives across all industries and is consistent with typical executive compensation structures. No specific comparable companies or projects are relevant for this type of routine disclosure.

Stakeholder Impact

• Shareholders: Minimal direct impact. A routine, tax-related sale by an executive is generally not seen as a signal of lack of confidence in the company, especially when conducted under a 10b5-1 plan. The number of shares sold is a small fraction of the company's total outstanding shares.
• Employees, Customers, Suppliers, Creditors: No direct impact from this specific filing.

Next Steps

• The document does not specify any future actions, events, or milestones for the company or the reporting person beyond the completion of this transaction.

Key Dates

Keywords

TTM Technologies, TTMI, Douglas L. Soder, Insider Trading, Form 4, SEC Filing, Stock Sale, Restricted Stock Units, RSU Vesting, 10b5-1 Plan, Executive Compensation, Semiconductor Industry, Printed Circuit Boards