Turtle Beach (TBCH) CEO exercises PSUs and receives new performance award
Rhea-AI Filing Summary
Turtle Beach Corp CEO Cris Keirn reported compensation-related equity activity. On May 1, 2026, performance stock units were converted into 4,266 shares of common stock, increasing his direct common stock holdings to 80,829 shares after these and earlier changes.
The filing also shows a new grant of 12,928 performance stock units, which may be earned based on stock price and Adjusted EBITDA performance criteria and then vest over time. Earlier, on April 1, 2026, 2,173 common shares were withheld at $11.22 per share to satisfy tax withholding obligations on vested PSUs, a non-market disposition. Keirn continues to hold stock options and multiple tranches of restricted stock units that vest in annual installments over future years.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 2,093 shares
Net Buy
10 txns
Insider
Keirn Cris
Role
CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Performance Stock Units | 12,928 | $0.00 | $0.00 |
| Exercise | Performance Stock Units | 4,266 | $0.00 | $0.00 |
| Exercise | Common Stock | 4,266 | $0.00 | $0.00 |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| holding | Stock Option (Right to Buy) | -- | -- | -- |
| Exercise Price or Tax Liability | Common Stock | 2,173 | $11.22 | $24K |
Holdings After Transaction:
Performance Stock Units — 8,662 shares (Direct);
Common Stock — 80,829 shares (Direct);
Restricted Stock Units — 106,890 shares (Direct);
Stock Option (Right to Buy) — 31,772 shares (Direct)
Footnotes (11)
- F1. Performance stock units ("PSUs") were converted into common stock on a one-for-one basis.
- F2. Represents shares withheld to satisfy tax withholding obligations upon the vesting of PSUs awarded to the reporting person.
- F3. These securities are PSUs representing a contingent right to receive one share of Turtle Beach Corporation common stock or, cash with a value equal to the fair market value of the underlying common stock or, a combination thereof.
- F4. Acquired upon achievement of certain performance criteria of PSUs granted to the reporting person on April 1, 2025 under the Turtle Beach Corporation 2023 Stock Based Incentive Compensation Plan, as amended. Performance was measured over 12 months (May 1, 2025 through May 1, 2026) with respect to a stock price performance metric and 12 months (January 1, 2025 through December 31, 2025) with respect to an Adjusted EBITDA performance metric, with additional time-based vesting for earned units over two years.
- F5. These PSUs granted on April 1, 2025 vest as follows: 4,266 on May 1, 2026, 4,266 on April 1, 2027 and 4,396 on April 1, 2028.
- F6. The securities are restricted stock units ("RSUs") representing a contingent right to receive one share of Turtle Beach Corporation common stock or, cash with a value equal to the fair market value of the underlying common stock or, a combination thereof.
- F7. These RSUs vest in equal annual installments until April 1, 2027.
- F8. These RSUs vest in equal annual installments until April 1, 2028.
- F9. These RSUs vest in equal annual installments until April 1, 2029.
- F10. One-quarter of these RSUs will vest on April 1, 2027, with the remainder of the RSUs vesting in equal annual installments until April 1, 2030.
- F11. These options were exercisable as of the transaction date.
Key Figures
PSUs converted to common stock: 4,266 shares
Common stock after transactions: 80,829 shares
New PSU grant: 12,928 units
+4 more
7 metrics
PSUs converted to common stock
4,266 shares
Converted on May 1, 2026 from performance stock units
Common stock after transactions
80,829 shares
Direct holdings of common stock following reported activity
New PSU grant
12,928 units
Performance stock units granted under 2023 Stock Based Incentive Plan
Shares withheld for taxes
2,173 shares
Common shares withheld on April 1, 2026 to satisfy tax obligations
Tax withholding price
$11.22 per share
Value used for 2,173 withheld shares in F-code transaction
Stock option exercise price
$5.95 per share
Exercise price for options over 12,605 underlying shares, expiring 2030
Second option exercise price
$12.10 per share
Exercise price for options over 19,167 underlying shares, expiring 2029
Key Terms
Performance stock units, Restricted Stock Units, tax withholding obligations, Adjusted EBITDA, +1 more
5 terms
Performance stock units financial
"Performance stock units ("PSUs") were converted into common stock on a one-for-one basis."
Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.
Restricted Stock Units financial
"The securities are restricted stock units ("RSUs") representing a contingent right to receive one share..."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
tax withholding obligations financial
"Represents shares withheld to satisfy tax withholding obligations upon the vesting of PSUs..."
Adjusted EBITDA financial
"Performance was measured... with respect to an Adjusted EBITDA performance metric..."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
stock price performance metric financial
"Performance was measured... with respect to a stock price performance metric..."
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What equity awards did Turtle Beach (TBCH) CEO Cris Keirn receive?
Cris Keirn received a grant of 12,928 performance stock units (PSUs). These PSUs can settle in common stock, cash, or a mix, based on stock price and Adjusted EBITDA performance, followed by additional time-based vesting over two years.
What ongoing equity incentives does the Turtle Beach (TBCH) CEO hold?
The CEO holds stock options and multiple tranches of restricted stock units (RSUs) and PSUs. Footnotes indicate several RSU grants vest in equal annual installments into 2027, 2028, and 2029, with one grant vesting through 2030.
How are the new Turtle Beach (TBCH) PSUs for the CEO structured?
The newly reported PSUs were granted on April 1, 2025 under the 2023 Stock Based Incentive Compensation Plan. Performance is measured over 12 months for a stock price metric and 12 months for an Adjusted EBITDA metric, then earned units vest over two additional years.