Fernandes Neil J 4

What Happened

• Neil J. Fernandes, Senior Vice President of Lam Research (LRCX), reported a conversion/exercise of market-based performance restricted stock units (derivative code M) on 2026-02-03. The filing shows 21,570 shares were acquired (conversion) and 14,380 shares were disposed/with a $0.00 price reported for both entries.
• The $0.00 price indicates these were conversions/vestings of RSUs rather than open-market buy/sell trades. Net, the transaction increases Fernandes' beneficial holdings by 7,190 shares (21,570 acquired minus 14,380 disposed), with no sale proceeds reported.

Key Details

• Transaction date: 2026-02-03; Form 4 filed 2026-02-05 (timely).
• Reported entries: 21,570 shares acquired @ $0.00 (exercise/conversion); 14,380 shares disposed @ $0.00 (derivative).
• Net change: +7,190 shares to beneficial ownership (based on reported entries).
• Shares owned after transaction: not specified in the filing.
• Footnotes: These shares relate to a grant made 03/01/2023 of 14,380 market-based performance RSUs that vest on 03/01/2026 based on Lam Research Total Shareholder Return vs. the PHLX Semiconductor Sector Total Return Index. The numbers reported (14,380 and 21,570) are consistent with a 150% payout (14,380 × 150% = 21,570). The filing notes amounts include shares subject to unvested RSUs.
• Filing timeliness: Reported within the standard Section 16 window (timely).

Context

• This is a conversion/vesting of performance-based RSUs, not an open-market purchase or sale. The $0.00 prices reflect conversion/vesting mechanics; the simultaneous disposal is likely a withholding or settlement action (for taxes or company-required withholding), not a market sale.
• For retail investors, vesting of performance RSUs can signal management’s realized compensation tied to company performance; it’s factual reporting of a compensation-related conversion rather than an independent investment decision by the insider.