Form 4: TTM Technologies Inc. Executive Sells Shares to Cover Tax Obligations and Generate Cash

Tony Sanchez, VP, Corporate Controller of TTM Technologies Inc., sold shares to cover tax liabilities and generate cash related to the vesting of Restricted Stock Units (RSUs) under a pre-arranged 10b5-1 sales plan.

Summary

• Tony Sanchez, VP, Corporate Controller of TTM Technologies Inc., reported the sale of common stock on June 24, 2024.
• The sales were executed under a pre-arranged 10b5-1 sales plan.
• A total of 3,979 shares were sold to cover tax liabilities incident to the vesting of RSUs at a weighted average price of $18.9969.
• An additional 6,940 shares were sold for cash incident to the vesting of RSUs, also at a weighted average price of $18.9969.
• Following these transactions, Sanchez directly owns 21,502 shares of TTM Technologies Inc. common stock.
• The sales occurred in multiple transactions with prices ranging from $18.72 to $19.26.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing simply reports stock sales related to executive compensation and tax obligations, which are routine events. There is no indication of positive or negative implications for the company's performance.

Positives

• The sales were conducted under a pre-arranged 10b5-1 sales plan, indicating they were planned in advance and not based on immediate market conditions.

Risks

• Executive stock sales can sometimes be perceived negatively by the market, although these sales appear to be routine and for tax and cash purposes.

Industry Context

Executive stock sales are a common occurrence in publicly traded companies, often related to compensation packages and tax obligations. The use of a 10b5-1 plan is a standard practice to avoid accusations of insider trading.

Comparison to Industry Standards

• Executive compensation practices, including the granting and vesting of RSUs, are common across the technology industry.
• Companies like Sanmina and Flex also utilize equity-based compensation and their executives periodically sell shares for similar reasons.
• The use of 10b5-1 plans is a standard practice among executives at publicly traded companies to manage their stock sales in compliance with insider trading regulations.

Stakeholder Impact

• The stock sales could have a minor impact on shareholders if they perceive it negatively, although the use of a 10b5-1 plan mitigates concerns about insider trading.
• The transactions do not appear to have a direct impact on employees, customers, suppliers, or creditors.

Key Dates