Justin E. Dougherty - Feb 6, 2023 Form 4 Insider Report for CIRRUS LOGIC, INC. (CRUS)

Role
SVP, Global Operations
Signature
By: Gregory Scott Thomas attorney-in-fact For: Justin Dougherty
Stock symbol
CRUS
Transactions as of
Feb 6, 2023
Transactions value $
-$1,129,395
Form type
4
Date filed
2/8/2023, 05:07 PM
Previous filing
Nov 8, 2022
Next filing
Feb 9, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CRUS Common Stock Options Exercise $551K +8.04K +46.09% $68.56 25.5K Feb 7, 2023 Direct
transaction CRUS Common Stock Sale -$832K -8.04K -31.55% $103.50 17.5K Feb 7, 2023 Direct
transaction CRUS Common Stock Sale -$848K -8.17K -46.82% $103.84 9.28K Feb 7, 2023 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction CRUS Incentive Stock Option (right to buy) Award $0 +1.57K $0.00 1.57K Feb 6, 2023 Common Stock 1.57K $102.37 Direct F2
transaction CRUS Non-Qualified Stock Option (right to buy) Award $0 +5.44K $0.00 5.44K Feb 6, 2023 Common Stock 5.44K $102.37 Direct F2
transaction CRUS Performance Shares Award $0 +2.17K +42.03% $0.00 7.33K Feb 6, 2023 Common Stock 2.17K Direct F3
transaction CRUS Restricted Stock Units Award $0 +3.01K +42.37% $0.00 10.1K Feb 6, 2023 Common Stock 3.01K Direct F4, F5
transaction CRUS Incentive Stock Option (right to buy) Options Exercise $0 -4.64K -79.53% $0.00 1.19K Feb 7, 2023 Common Stock 4.64K $68.56 Direct F6
transaction CRUS Non-Qualified Stock Option (right to buy) Options Exercise $0 -3.41K -83.7% $0.00 663 Feb 7, 2023 Common Stock 3.41K $68.56 Direct F6
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The price reported in Table I - Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $103.92 to $103.83. The reporting person will provide full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to any security holder of Cirrus Logic, Inc. or the staff of the SEC upon request.
F2 Only vested shares can be exercised under this option. 25% of the shares will vest annually so that the option will be fully vested and exercisable on 2/6/27.
F3 Each Performance-based Restricted Stock Unit (PBRSU) represents the right to receive, following vesting, up to 200% of one share of Cirrus Logic, Inc. common stock. The resulting number of shares of common stock acquired upon vesting of the PBRSUs is contingent upon the achievement of pre-established performance metrics, as approved by the Company's Compensation Committee, over a three-year performance period beginning on February 6, 2023, and ending on February 6, 2026.
F4 Each restricted stock unit represents a contingent right to receive one share of Cirrus Logic common stock.
F5 100% of the restricted stock units will vest on 2/6/26, the 3-year anniversary of the grant date.
F6 Only vested shares can be exercised under this option. 25% of the shares vested on 11/6/20; the remaining shares will vest monthly over the following 36 months so that the option will be fully vested and exercisable on 11/6/23.