TSMC (NYSE: TSM) EVP reports holdings as $150K equity note on ADS is redeemed
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD executive Yuh-Jier Mii reported updated equity and derivative holdings. He now holds 1,254,057 Common Shares directly, plus 63,345 Common Shares via an LTI trust and 7,887 Common Shares via an ESPP trust. He also holds 25 American Depositary Shares (each ADS represents five Common Shares).
The report shows exposure to Equity Linked Notes issued by UBS AG that reference a basket including TSM ADS. Notes with a principal amount of US$150,000 and potential delivery of up to 636 ADS at a strike price of 235.697 per ADS were redeemed early for cash on May 22, 2026. A separate series of notes, also with US$150,000 principal and potential delivery of up to 703 ADS at a strike price of 213.2515 per ADS, remains outstanding and is exercisable until March 4, 2027.
Positive
- None.
Negative
- None.
Insider Trade Summary
6 transactions reported
Mixed
6 txns
Insider
Mii Yuh-Jier
Role
EVP and Co-COO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| H | Equity Linked Notes | 150,000 | $0.00 | -- |
| holding | Equity Linked Notes | -- | -- | -- |
| holding | Common Shares (2330.TW) | -- | -- | -- |
| holding | American Depositary Shares (TSM) | -- | -- | -- |
| holding | Common Shares (2330.TW) | -- | -- | -- |
| holding | Common Shares (2330.TW) | -- | -- | -- |
Holdings After Transaction:
Equity Linked Notes — 0 shares (Direct, null);
Common Shares (2330.TW) — 1,254,057 shares (Direct, null);
American Depositary Shares (TSM) — 25 shares (Direct, null);
Common Shares (2330.TW) — 7,887 shares (Indirect, By ESPP Trust)
Footnotes (1)
- Each American Depositary Share represents five (5) Common Shares. Common Shares purchased and held under the issuer's Employee Stock Purchase Plan ("ESPP"). Represents Common Shares purchased by a trust with cash received under the issuer's Long-Term Incentive ("LTI") Bonus Plan, over which the filer has obtained investment control. The Equity Linked Notes are issued by UBS AG that reference a basket of equity securities that includes the issuer's American Depositary Shares. The principal amount of the notes is US$150,000. The notes are exercisable and expire on September 21, 2026 (the "Exercisable Date"). Under the terms of the notes, if the notes are not redeemed early and the closing price of the worst-performing basket component is below its strike price on the Exercisable Date, the notes may be settled by delivery of shares or American Depositary Shares of that worst-performing basket component plus cash in lieu of any fractional share. The strike price for each basket component equals 70% of its initial reference level. If the issuer's American Depositary Shares are determined to be the worst-performing basket component, settlement may result in delivery of up to 636 American Depositary Shares of the issuer at a strike price of 235.697 per American Depositary Share. [Continued in footnote 5] [Continued from footnote 4] In addition, the notes may be redeemed for cash, (i) if, during the observation period prior to the Exercisable Date, the closing price of each basket component has reached its initial reference level at least once, or (ii) if the notes are not redeemed early and the closing price of the worst-performing basket component is at or above its strike price on the Exercisable Date. [Continued in footnote 6] [Continued from footnote 5] On May 22, 2026, during the observation period prior to the Exercisable Date, the notes were redeemed early for cash. The Equity Linked Notes are issued by UBS AG that reference a basket of equity securities that includes the issuer's American Depositary Shares. The principal amount of the notes is US$150,000. The notes are exercisable and expire on March 4, 2027 (the "Exercisable Date"). Under the terms of the notes, if the notes are not redeemed early and the closing price of the worst-performing basket component is below its strike price on the Exercisable Date, the notes may be settled by delivery of shares or American Depositary Shares of that worst-performing basket component plus cash in lieu of any fractional share. The strike price for each basket component equals 55% of its initial reference level. If the issuer's American Depositary Shares are determined to be the worst-performing basket component, settlement may result in delivery of up to 703 American Depositary Shares of the issuer at a strike price of 213.2515 per American Depositary Share. [Continued in footnote 8] [Continued from footnote 7] In addition, the notes may be redeemed for cash, (i) if, during the observation period prior to the Exercisable Date, the closing price of each basket component has reached its initial reference level at least once, or (ii) if the notes are not redeemed early and the closing price of the worst-performing basket component is at or above its strike price on the Exercisable Date.
Key Figures
Direct Common Shares: 1,254,057 shares
LTI Trust Common Shares: 63,345 shares
ESPP Trust Common Shares: 7,887 shares
+4 more
7 metrics
Direct Common Shares
1,254,057 shares
Directly held Common Shares as of May 22, 2026
LTI Trust Common Shares
63,345 shares
Common Shares held via LTI trust
ESPP Trust Common Shares
7,887 shares
Common Shares held via ESPP trust
Redeemed ELN principal
US$150,000
Equity Linked Notes redeemed for cash on May 22, 2026
Redeemed ELN ADS exposure
Up to 636 ADS
Potential TSM ADS deliverable at 235.697 strike, redeemed early
Outstanding ELN ADS exposure
Up to 703 ADS
Potential TSM ADS deliverable at 213.2515 strike, expiring March 4, 2027
ADS to Common ratio
1 ADS = 5 Common Shares
Representation of TSM ADS versus Common Shares
Key Terms
Equity Linked Notes, American Depositary Shares, Employee Stock Purchase Plan, Long-Term Incentive Bonus Plan, +1 more
5 terms
Equity Linked Notes financial
"The Equity Linked Notes are issued by UBS AG that reference a basket of equity securities"
Employee Stock Purchase Plan financial
"Common Shares purchased and held under the issuer's Employee Stock Purchase Plan ("ESPP")."
An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.
Long-Term Incentive Bonus Plan financial
"purchased by a trust with cash received under the issuer's Long-Term Incentive ("LTI") Bonus Plan"
Exercisable Date financial
"expire on September 21, 2026 (the "Exercisable Date"). Under the terms of the notes"
FAQ
What did TSM EVP Yuh-Jier Mii report in this Form 4 for TSM?
He reported updated holdings in TSM equity and derivatives. These include over 1.25 million Common Shares directly, additional shares via benefit-plan trusts, and positions in Equity Linked Notes referencing TSM American Depositary Shares.
What are the key terms of the redeemed Equity Linked Notes tied to TSM ADS?
The redeemed notes had a principal of US$150,000 and referenced a basket including TSM ADS. If not redeemed, they could have delivered up to 636 ADS at a strike price of 235.697 per ADS on the September 21, 2026 Exercisable Date.
What Equity Linked Notes tied to TSM ADS remain outstanding for Yuh-Jier Mii?
One series of Equity Linked Notes remains outstanding with US$150,000 principal. It is exercisable until March 4, 2027 and could deliver up to 703 TSM ADS at a strike price of 213.2515 per ADS if settlement in shares occurs.
How were the Equity Linked Notes on TSM ADS redeemed early for cash?
Under their terms, the notes could be redeemed for cash if each basket component’s price reached its initial reference level during the observation period. On May 22, 2026, this condition was met, and the notes were redeemed early for cash instead of shares.