Cirrus Logic (NASDAQ: CRUS) EVP reports MSU vesting and new grants
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Cirrus Logic EVP Andrew Brannan reported equity vesting and new awards. On February 6, 2026, 2,186 shares of common stock vested from performance-based Market Stock Units after the company’s three-year total shareholder return produced a 113% payout versus the Philadelphia Semiconductor Index.
Also on February 6, 2,687 restricted stock units vested, with shares withheld at $142.78 solely to cover tax obligations, not sold on the open market. On February 5, 2026, Brannan received new grants of 3,855 restricted stock units vesting on February 5, 2029 and 3,106 new Market Stock Units tied to three-year TSR versus the Russell 3000. After these transactions, he directly owned 8,386 common shares, plus 10,905 restricted stock units and 7,512 performance shares.
Positive
- None.
Negative
- None.
Insider Trade Summary
4,622 shares exercised/converted
Mixed
8 txns
Insider
Brannan Andrew
Role
EVP, Worldwide Sales
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Performance Shares | 1,935 | $0.00 | -- |
| Exercise | Restricted Stock Units | 2,687 | $0.00 | -- |
| Exercise | Common Stock | 2,186 | $0.00 | -- |
| Tax Withholding | Common Stock | 1,093 | $142.78 | $156K |
| Exercise | Common Stock | 2,687 | $0.00 | -- |
| Tax Withholding | Common Stock | 1,344 | $142.78 | $192K |
| Grant/Award | Restricted Stock Units | 3,855 | $0.00 | -- |
| Grant/Award | Performance Shares | 3,106 | $0.00 | -- |
Holdings After Transaction:
Performance Shares — 4,406 shares (Direct);
Restricted Stock Units — 7,050 shares (Direct);
Common Stock — 8,136 shares (Direct)
Footnotes (1)
- The number of performance-based restricted stock units that we refer to as Market Stock Units (MSUs) that vested was determined based on pre-established performance metrics over a three-year period beginning February 6, 2023, and ending February 6, 2026. 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 MSUs. Mr. Brannan's target number of MSUs was 1,935 (which is shown in Table II), and Cirrus Logic's TSR for the three-year period resulted in a 113% payout percentage. Therefore, 2,186 shares of common stock vested (which is shown in Table I), and the Company withheld sufficient shares for payment of required tax obligations. No shares were sold; these shares were withheld to satisfy tax withholding requirements. Each restricted stock unit was the economic equivalent of one share of common stock. The restricted stock unit vested on February 6, 2026, and the Company withheld sufficient shares for payment of required tax withholdings. Each restricted stock unit represents a contingent right to receive one share of Cirrus Logic common stock. 100% of the restricted stock units will vest on February 5, 2029, the 3-year anniversary of the grant date. These performance shares reflect performance-based restricted stock units that we refer to as Market Stock Units (MSUs). Each MSU 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 MSUs 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 5, 2026, and ending on February 5, 2029. The MSU performance metrics involve total shareholder return (TSR) relative to the component companies of the Russell 3000 index.
FAQ
What does Andrew Brannan’s latest Form 4 for Cirrus Logic (CRUS) show?
The Form 4 shows Cirrus Logic EVP, Worldwide Sales Andrew Brannan had performance-based Market Stock Units and restricted stock units vest, and also received new grants. It details resulting common stock ownership, derivative holdings, and tax-withholding share reductions at a stated price per share.
How were Andrew Brannan’s Market Stock Units at Cirrus Logic (CRUS) determined?
Brannan’s Market Stock Units vested based on Cirrus Logic’s total shareholder return over three years versus the Philadelphia Semiconductor Index. A 113% payout was applied to his 1,935 target units, resulting in 2,186 common shares vesting, with some withheld to cover associated tax obligations.
What new equity awards did Andrew Brannan receive from Cirrus Logic (CRUS)?
On February 5, 2026, Brannan received 3,855 new restricted stock units and 3,106 new performance-based Market Stock Units. The restricted stock units are scheduled to vest in full on February 5, 2029, while the Market Stock Units depend on three-year total shareholder return performance versus the Russell 3000.
What performance period applies to Andrew Brannan’s new Market Stock Units at Cirrus Logic (CRUS)?
The new Market Stock Units granted on February 5, 2026 use a three-year performance period from February 5, 2026 through February 5, 2029. Payout depends on Cirrus Logic’s total shareholder return relative to Russell 3000 index companies, as approved by the Compensation Committee.