Form 4: Turtle Beach CEO Cris Keirn Reports Stock Transactions
SEC Form 4
CEO Cris Keirn reports the conversion of performance stock units and shares withheld for tax obligations, impacting his beneficial ownership in Turtle Beach Corp.
Summary
- Cris Keirn, CEO of Turtle Beach Corp, filed a Form 4 detailing changes in beneficial ownership.
- On May 9, 2025, 6,920 performance stock units (PSUs) were converted into common stock.
- 3,513 shares were withheld to cover tax obligations related to the vesting of these PSUs at a price of $10.72.
- Following these transactions, Keirn directly owns 58,135 shares of common stock.
- Keirn also holds 20,971 PSUs acquired upon achievement of performance criteria, and 14,051 PSUs that vest over time.
- Additionally, Keirn holds various restricted stock units (RSUs) vesting over different periods, and stock options to buy 19,167 and 12,605 shares at $12.1 and $5.95 respectively.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing, reporting stock transactions. It doesn't convey any explicit positive or negative sentiment.
Future Outlook
The document outlines the vesting schedules for PSUs and RSUs, indicating future equity-based compensation for the reporting person.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency to investors regarding management's stake in the company.
Comparison to Industry Standards
- Equity compensation practices vary across the gaming and consumer electronics industries.
- Companies like Logitech and Corsair also utilize stock options, RSUs, and PSUs as part of their executive compensation packages.
- The vesting schedules and performance metrics associated with these grants are tailored to each company's specific goals and circumstances.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and ownership.
- It can influence investor perception of management's alignment with shareholder interests.
Key Dates
| Date | Description |
|---|---|
| 04/01/2024 | Date PSUs were granted under the Turtle Beach Corporation 2023 Stock Based Incentive Compensation Plan. |
| 04/01/2026 | RSUs vest in equal annual installments until this date. |
| 04/01/2027 | RSUs vest in equal annual installments until this date. |
| 04/01/2028 | RSUs vest in equal annual installments until this date. |
| 04/01/2029 | One-quarter of RSUs will vest on April 1, 2026, with the remainder of the RSUs vesting in equal annual installments until this date. Stock options (Right to Buy) expire. |
| 04/01/2030 | Stock options (Right to Buy) expire. |
| 05/09/2025 | Date of transaction: PSUs were converted into common stock and shares were withheld for tax obligations. 33% of PSUs vest on this date. |
| 04/01/2026 | 33% of PSUs vest on this date. |
| 04/01/2027 | 34% of PSUs vest on this date. |
| 05/12/2025 | Date of filing. |
Keywords
Form 4, beneficial ownership, stock options, restricted stock units, performance stock units, Cris Keirn, Turtle Beach Corp, TBCH, CEO
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