[Form 4] PDF Solutions Inc Insider Trading Activity

Rhea-AI Filing Summary

Clean Harbors, Inc. (CLH) – Form 4 insider filing: Co-CEO and Director Michael L. Battles reported one transaction dated July 1, 2025.

• Transaction code F indicates the disposition of shares withheld by the company to satisfy tax obligations that arose upon the vesting of equity awards.
• Shares disposed: 1,532 common shares at an effective price of $229.55 per share.
• Post-transaction ownership: Battles now directly holds 80,911 CLH common shares, which already includes 14 shares acquired through the Employee Stock Purchase Plan on June 30, 2025.

The filing reflects an administrative, cashless tax-withholding event rather than an open-market sale or purchase; therefore, it carries limited signal about management’s view of the company’s prospects.

Insights

Senior Securities Analyst

TL;DR Insider shares withheld for taxes; immaterial impact.

The Form 4 shows a routine tax-withholding disposition as equity awards vested for Co-CEO Michael Battles. Only 1,532 shares (<~2% of his total direct stake) were surrendered at $229.55. His remaining ownership of 80,911 shares signals continued meaningful alignment with shareholders. Because no open-market selling occurred, the filing is neutral for valuation and sentiment. Investors should focus on upcoming earnings and operational updates rather than this administrative event.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Raza Adnan

(Last) (First) (Middle)

2858 DE LA CRUZ BLVD.

(Street)

SANTA CLARA CA 95050

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PDF SOLUTIONS INC [ PDFS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Finance and CFO

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/01/2025		F		4,921(1)	D	$21.87(1)	63,880(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This represents a disposition of shares to the Company to satisfy tax withholding obligations with respect to the vesting of restricted stock units. This is not a sale of shares in the market.

2. Includes 788 shares of common stock that were purchased on January 31, 2025 under the PDF Employee Stock Purchase Plan.

	/s/ Adnan Raza	07/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What type of insider transaction did CLH report on July 1, 2025?

A Code F tax-withholding disposition related to equity award vesting by Co-CEO Michael Battles.

How many Clean Harbors shares were disposed in the Form 4 filing?

1,532 common shares were withheld to cover taxes.

At what price were the shares valued for the tax-withholding transaction?

The shares were valued at $229.55 each.

How many CLH shares does Michael Battles own after the transaction?

He directly owns 80,911 common shares following the reported event.

Does this Form 4 suggest the executive is selling shares on the open market?

No. The Code F designation shows it was not an open-market sale but shares withheld by the company for tax purposes.