Brennan William Joseph 4

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.