Form 4: Viavi Solutions SVP Luke Scrivanich Reports Stock Transactions

Luke Scrivanich, SVP General Manager OSP at Viavi Solutions, reports the vesting of market stock units and subsequent tax withholding, resulting in changes to his beneficial ownership of company stock.

Summary

• On September 24, 2024, Luke Scrivanich, SVP General Manager OSP at Viavi Solutions, engaged in transactions involving common stock and market stock units (MSUs).
• These transactions included the vesting of MSUs granted on August 28, 2021, August 28, 2022 and August 28, 2023, which converted into common stock.
• A portion of the shares were then withheld by Viavi Solutions to cover tax obligations related to the vesting of the MSUs at a price of $8.73.
• The vesting of the 3rd tranche of market-leveraged stock units granted on August 28, 2021 occurred at 51.00% of target.
• The vesting of the 2nd tranche of market-leveraged stock units granted on August 28, 2022 occurred at 15.33% of target.
• The vesting of the 1st tranche of market-leveraged stock units granted on August 28, 2023 occurred at 41.67% of target.
• Following these transactions, Scrivanich's direct ownership of Viavi Solutions common stock is 60,348 shares and 37,763 Market Stock Units.

Sentiment

Score: 6

Explanation: The document is neutral in tone, simply reporting required information about stock transactions. The vesting of stock units suggests some level of performance achievement, but the tax withholding is a standard procedure.

Positives

• The vesting of market stock units indicates that performance targets related to total stockholder return were met to some extent, as the tranches vested at 51.00%, 15.33% and 41.67% of target respectively.

Future Outlook

The document does not contain specific forward-looking statements regarding the company's future performance or financial outlook.

Industry Context

This Form 4 filing is a routine disclosure related to insider transactions. It provides transparency into the stock ownership of Viavi Solutions' executives and their alignment with shareholder interests. Such filings are common for publicly traded companies and are required by the SEC.

Comparison to Industry Standards

• Form 4 filings are standard practice for publicly traded companies, ensuring transparency in insider trading activities.
• The vesting of market stock units is a common form of executive compensation, aligning management's interests with shareholder value creation, similar to practices at companies like Cisco and Juniper Networks.
• Tax withholding on vested equity is also a standard procedure, ensuring compliance with tax regulations, as seen in filings from executives at comparable tech firms.

Stakeholder Impact

• The transactions have a minor impact on shareholders, as they reflect the vesting of previously granted equity compensation.
• Employees who are also award-holders of market stock units may be interested in the vesting percentages achieved.

Key Dates