JoDee Benson - 07 Nov 2021 Form 4 Insider Report for CIRRUS LOGIC, INC. (CRUS)

Reporting relationship: VP & Chief Culture Office
Issuer ticker: CRUS
Reported as of: 07 Nov 2021
Net transaction value: -$164,323
SEC form: 4
Accepted by SEC: 09 Nov 2021, 20:12:34 UTC
Prior SEC filing: 13 Sep 2021
Source filing: View source filing
Reporting owner signature: By: Gregory Scott Thomas attorney-in-fact For: Jo-Dee Benson

Key filing fact

JoDee Benson filed Form 4 for CIRRUS LOGIC, INC. (CRUS) on 09 Nov 2021.

Key facts

This page summarizes JoDee Benson's Form 4 filing for CIRRUS LOGIC, INC. (CRUS).
6 reported transactions and 2 derivative rows are listed below.
Accepted by SEC: 09 Nov 2021, 20:12.

Change

Previous filing in this sequence was filed on 13 Sep 2021.
Current net transaction value: -$164,323.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

CRUS transaction

Common Stock

Options Exercise

Transaction value: $0
Shares: +992
Change %: +21%
Price: $0.000000
Shares after: 5,810
Date: 07 Nov 2021
Ownership: Direct
Footnotes: F1

CRUS transaction

Common Stock

Tax liability

Transaction value: $30,830
Shares: -391
Change %: -6.7%
Price: $78.85
Shares after: 5,419
Date: 07 Nov 2021
Ownership: Direct
Footnotes: F2

CRUS transaction

Common Stock

Options Exercise

Transaction value: $0
Shares: +4,300
Change %: +79%
Price: $0.000000
Shares after: 9,719
Date: 07 Nov 2021
Ownership: Direct

CRUS transaction

Common Stock

Tax liability

Transaction value: $133,493
Shares: -1,693
Change %: -17%
Price: $78.85
Shares after: 8,026
Date: 07 Nov 2021
Ownership: Direct
Footnotes: F2

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

CRUS transaction Derivative

Performance Shares

Options Exercise

Transaction value: $0
Shares: -3,200
Change %: -38%
Price: $0.000000
Shares after: 5,140
Date: 07 Nov 2021
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 3,200
Exercise price
Footnotes: F3

CRUS transaction Derivative

Restricted Stock Units

Options Exercise

Transaction value: $0
Shares: -4,300
Change %: -38%
Price: $0.000000
Shares after: 7,011
Date: 07 Nov 2021
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 4,300
Exercise price
Footnotes: F4, F5

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 5 footnotes

Footnote F1

The number of performance based RSUs (PBRSUs) that vested was determined based on pre-established performance metrics over a three-year period beginning November 7, 2018 and ending November 7, 2021. 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. Mrs. Benson?s target number of PBRSUs was 3,200, and Cirrus Logic's TSR for the three-year period resulted in a 31% payout percentage. Therefore 992 shares of common stock vested.

Footnote F2

No shares were sold; these shares were withheld to satisfy tax withholding requirements.

Footnote 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 was 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 November 7, 2018 and ending November 7, 2021. The number of shares reported here represents the target amount. On November 7, 2021, 31% of the target amount vested, and the Company withheld sufficient shares for payment of required tax obligations.

Footnote F4

Each restricted stock unit was the economic equivalent of one share of common stock. The restricted stock unit vested on November 7, 2021, and the Company withheld sufficient shares for payment of required tax withholdings.

Footnote F5

Expiration Date of 11/07/21.