Brennan William Joseph 4
4 · Credo Technology Group Holding Ltd · Filed Jul 2, 2026
Research Summary
AI-generated summary of this filing
Credo (CRDO) CEO William Brennan Exercises Derivatives, Withholds Shares
What Happened
Credo CEO William Brennan exercised/converted derivative awards on June 30, 2026 and as part of the settlement had shares withheld to cover tax obligations. The filing shows tax-withholding dispositions of 19,675 shares at $271.95 (proceeds/coverage $5,350,616) on 2026-06-30 and 6,149 shares at $259.09 ($1,593,144) on 2026-07-01. The filing also reports the acquisition/conversion of derivative instruments for 50,000 shares (6/30) and a related derivative entry for 50,000 shares. In addition, Brennan acquired 801 shares through the company’s employee stock purchase plan (ESPP).
Key Details
- Filing date: 2026-07-02; Period of report: 2026-06-30. No late-filing flag noted in the filing.
- Tax-withholding dispositions (to satisfy taxes on vesting/settlement):
- 6/30/2026: 19,675 shares withheld at $271.95 = $5,350,616.
- 7/01/2026: 6,149 shares withheld at $259.09 = $1,593,144.
- Total shares withheld: ~25,824; total value ≈ $6.94M.
- Derivative activity (code M): reported conversion/exercise entries for 50,000 shares (6/30 acquired) and a separate 50,000-share derivative entry (6/30 disposed as a derivative).
- ESPP purchase: 801 shares acquired for the Jan 1–Jul 1, 2026 purchase period (purchased at 85% of the July 1, 2024 grant-date FMV).
- Footnotes: F1 describes performance-based RSUs/PSUs tied to a $116 stock-price hurdle (measurement dates include 6/30/2026); F3/F4 confirm shares were withheld to meet tax withholding on PSU/RSU settlement; F5 disclaims beneficial ownership except for pecuniary interest.
- Shares owned after the transactions are not stated in the filing.
Context
- The dispositions here are described as share withholding to satisfy tax liabilities on vested/settled awards (not open-market sales), which is a routine administrative step following exercises/vests.
- F1 indicates some awards were performance-based PSUs contingent on meeting a $116 price hurdle as of measurement dates including June 30, 2026.
- These transactions reflect award settlement and tax-related withholding rather than an independent directional bet by the insider.
Insider Transaction Report
- Exercise/Conversion
Ordinary Shares
[F1][F2]2026-06-30+50,000→ 398,453 total - Tax Payment
Ordinary Shares
[F3]2026-06-30$271.95/sh−19,675$5,350,616→ 378,778 total - Tax Payment
Ordinary Shares
[F4]2026-07-01$259.09/sh−6,149$1,593,144→ 372,629 total - Exercise/Conversion
Performance-Based Restricted Stock Units
[F1]2026-06-30−50,000→ 150,000 total→ Ordinary Shares (50,000 underlying)
- 1,767,502(indirect: By Trust)
Ordinary Shares
[F5]
Footnotes (5)
- [F1]Each Performance-Based Restricted Stock Unit ("PSU") represents a contingent right to receive one Ordinary Share of the Issuer upon the achievement of a $116 stock price hurdle performance condition as measured on each of June 30, 2026, June 30, 2027 and June 30, 2028.
- [F2]The number of securities reported includes the acquisition on June 30, 2026 of 801 shares of the Issuer's common stock pursuant to the Issuer's employee stock purchase plan for the purchase period of January 1, 2026 through July 1, 2026. In accordance with the Issuer's employee stock purchase plan, these shares were purchased based on 85% of the grant date fair market value of a share on July 1, 2024.
- [F3]Represents shares withheld by the Issuer to satisfy tax withholding obligations in connection with the vesting and settlement of PSUs.
- [F4]Represents shares withheld by the Issuer to satisfy tax withholding obligations in connection with the vesting and settlement of RSUs.
- [F5]The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.