Bettinger Douglas R 4

What Happened
Douglas R. Bettinger, Chief Financial Officer of Lam Research (LRCX), reported conversion/exercise of derivative awards on 2026-02-03. The filing shows 76,920 shares acquired at $0.00 (conversion of derivative awards) and 51,280 shares disposed at $0.00 (reported as a derivative disposition), resulting in a net increase of 25,640 shares. No cash price or market sale proceeds are reported in these entries.

Key Details

• Transaction date: 2026-02-03; Form 4 filed 2026-02-05 (appears timely).
• Transaction type/code: M = Exercise or conversion of derivative securities. Reported prices: $0.00 for both acquired and disposed entries.
• Shares reported acquired: 76,920; shares reported disposed: 51,280; net increase: 25,640 shares.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes of note:
  • F1/F3: The disposed/related award includes 51,280 market‑based performance restricted stock units (PRSUs) granted 03/01/2023 that vest based on Lam’s total shareholder return vs. the PHLX Semiconductor Sector Total Return Index for the 02/01/2023–01/31/2026 performance period (vesting 0%–150% on 03/01/2026).
  • F2: The reported amounts include shares subject to unvested restricted stock units.
• Filing does not explicitly state the reason for the 51,280-share disposition. Such disposals at $0.00 commonly reflect share withholding to cover taxes or similar administrative settlements when RSUs/PRSUs convert, but the filing itself does not state that reason.

Context
This was a conversion/exercise of performance/restricted stock units (derivative-to-share conversion), not an open‑market buy or sale. Conversion entries often show $0.00 because no cash changed hands to purchase the shares; disposals at $0.00 typically indicate shares were surrendered or withheld rather than sold in the market. The reported PRSUs are market-based awards whose final payout depends on relative TSR performance over the specified performance period.