AI assistant
CIRRUS LOGIC, INC. — Director's Dealing 2017
Oct 3, 2017
30880_dirs_2017-10-03_e0c1d2d3-e5c2-4caa-889e-e2016511ddef.zip
Director's Dealing
Open in viewerOpens in your device viewer
SEC Form 4 — Statement of Changes in Beneficial Ownership
Issuer: CIRRUS LOGIC INC (CRUS)
CIK: 0000772406
Period of Report: 2017-10-01
Reporting Person: Rhode Jason P (Director, President & CEO)
Non-Derivative Transactions
| Date | Security | Code | Shares | Price | A/D | Holdings After | Ownership |
|---|---|---|---|---|---|---|---|
| 2017-10-01 | Common Stock | F | 14683 | $53.32 | Disposed | 141776 | Direct |
| 2017-10-01 | Common Stock | M | 35000 | $0.0 | Acquired | 176776 | Direct |
| 2017-10-01 | Common Stock | M | 70000 | $0.0 | Acquired | 246776 | Direct |
| 2017-10-01 | Common Stock | F | 29365 | $53.32 | Disposed | 217411 | Direct |
Derivative Transactions
| Date | Security | Exercise Price | Code | Shares | A/D | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| 2017-10-01 | Performance Shares | $ | M | 35000 | Disposed | Common Stock (35000) | Direct | |
| 2017-10-01 | Restricted Stock Units | $ | M | 35000 | Disposed | Common Stock (35000) | Direct |
Footnotes
F1: No shares were sold; these shares were withheld to satisfy tax withholding requirements.
F2: The number of performance based RSUs (PBRSUs) that vested was determined based on pre-established performance metrics over a three-year period beginning October 1, 2014 and ending October 1, 2017, as approved by the Company's Compensation Committee. A total shareholder return (TSR) measurement was made relative to the component companies of the Philadelphia Semiconductor Index, which determined a payout percentage ranging between 0-200%. The payout percentage was then multiplied by a target number of PBRSUs. Dr. Rhode's target number of PBRSUs was 35,000, and Cirrus Logic's TSR for the three-year period resulted in a 200% payout percentage. Therefore 70,000 shares of common stock vested.
F3: Each performance based RSU (PBRSU) represented the right to receive, following vesting, up to 200% of one share of Cirrus Logic, Inc. common stock, and the Company withheld sufficient shares for payment of required tax withholdings
F4: Each restricted stock unit was the economic equivalent of one share of common stock. The restricted stock unit vested on October 1, 2017, and the Company withheld sufficient shares for payment of required tax withholdings.
F5: Expiration date of 10/01/17