Jeffrey W. Baumgartner - Mar 3, 2024 Form 4 Insider Report for CIRRUS LOGIC, INC. (CRUS)

Role
VP, R&D
Signature
By: Gregory Scott Thomas attorney-in-fact For: Jeffrey W Baumgartner
Stock symbol
CRUS
Transactions as of
Mar 3, 2024
Transactions value $
-$133,785
Form type
4
Date filed
3/5/2024, 05:04 PM
Previous 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 $0 +1.18K +19.26% $0.00 7.29K Mar 3, 2024 Direct F1
transaction CRUS Common Stock Tax liability -$26.8K -287 -3.94% $93.23 7K Mar 3, 2024 Direct F2
transaction CRUS Common Stock Options Exercise $0 +4.53K +64.7% $0.00 11.5K Mar 3, 2024 Direct
transaction CRUS Common Stock Tax liability -$107K -1.15K -9.96% $93.23 10.4K Mar 3, 2024 Direct F2

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 Performance Shares Options Exercise $0 -3.02K -29.77% $0.00 7.12K Mar 3, 2024 Common Stock 3.02K Direct F3
transaction CRUS Restricted Stock Units Options Exercise $0 -4.53K -31.59% $0.00 9.81K Mar 3, 2024 Common Stock 4.53K Direct F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The number of performance based RSUs (PBRSUs) that vested was determined based on pre-established performance metrics over a three-year period beginning March 3, 2021, and ending March 3, 2024, 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. Mr. Baumgartner's target number of PBRSUs was 3,019, and Cirrus Logic's TSR for the three-year period resulted in a 39% payout percentage. Therefore, 1,177 shares of common stock vested.
F2 No shares were sold; these shares were withheld to satisfy tax withholding requirements.
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. 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 and Human Resources Committee, over a three-year performance period beginning on March 3, 2021, and ending on March 3, 2024. The number of shares reported here represents the target amount. On March 3, 2024, 39% of the target amount vested, and the Company withheld sufficient shares for payment of required tax obligations.
F4 Each restricted stock unit was the economic equivalent of one share of common stock. The restricted stock unit vested on March 3, 2024, and the Company withheld sufficient shares for payment of required tax withholdings.
F5 Expiration Date of 03/3/24.