Item 5. Other Information
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Item 5. Other Information
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
During the Company’s fiscal quarter ended March 29, 2026, except for the following arrangements, none of the Company’s directors or officers adopted or terminated a trading arrangement for the purchase or sale of the Company’s Common Stock that was intended
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to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 Trading Arrangement”) or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).
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On February 6, 2026, Eric K. Brandt, a member of the Board of Directors of the Company, adopted a Rule 10b5-1 Trading Arrangement. Mr. Brandt’s Rule 10b5-1 Trading Arrangement provides for the potential sale of up to 109,000 shares of Common Stock pursuant to the terms of the Rule 10b5-1 Trading Arrangement. Mr. Brandt’s Rule 10b5-1 Trading Arrangement has a termination date of October 30, 2026.
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On February 17, 2026, in connection with his retirement from his position as Executive Vice President and Chief Operating Officer of the Company, Patrick J. Lord terminated a Rule 10b5-1 Trading Arrangement that was originally adopted on October 29, 2025 (the “Terminated Plan”). The Terminated Plan had provided for: (i) the potential sale of up to 36,645 shares of Common Stock; (ii) the potential exercise of 59,490 stock options and the associated sale of up to 59,490 shares of Common Stock resulting from such exercise; (iii) the potential sale of the net shares of Common Stock resulting from the vesting of 17,244 service-based restricted stock units (net shares are net of tax withholding); and (iv) the potential sale of the net shares of Common Stock resulting from the vesting of 63,345 market-based performance restricted stock units, in each case pursuant to the terms of the Terminated Plan. The Terminated Plan contained pricing conditions that precluded or limited the sale of shares below predetermined minimum prices.
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On February 24, 2026, Timothy M. Archer, President, Chief Executive Officer and a member of the Board of Directors of the Company, adopted a Rule 10b5-1 Trading Arrangement. Mr. Archer’s Rule 10b5-1 Trading Arrangement provides for the potential exercise of up to 121,400 stock options expiring March 2, 2027 and the associated sale of up to 121,400 shares of Common Stock resulting from such exercise, in each case pursuant to the terms of the Rule 10b5-1 Trading Arrangement. Mr. Archer’s Rule 10b5-1 Trading Arrangement has a termination date of November 30, 2026.
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On March 11, 2026, Abhijit Y. Talwalkar, Chair of the Board of Directors of the Company, adopted a Rule 10b5-1 Trading Arrangement. Mr. Talwalkar’s Rule 10b5-1 Trading Arrangement provides for the potential sale of up to 18,282 shares of Common Stock pursuant to the terms of the Rule 10b5-1 Trading Arrangement. Mr. Talwalkar’s Rule 10b5-1 Trading Arrangement has a termination date of March 12, 2027.
The Rule 10b5-1 Trading Arrangements of Messrs. Talwalkar, Archer and Brandt contain pricing conditions that preclude or limit the exercise of stock options or the sale of shares, as applicable, below predetermined minimum prices. Each of the Rule 10b5-1 Trading Arrangements (other than the Terminated Plan) will terminate on the earlier of: (a) its respective termination date indicated above; (b) execution of all trades or expiration of all the orders relating to such trades under the Rule 10b5-1 Trading Arrangement; or (c) such date as the Rule 10b5-1 Trading Arrangement is otherwise terminated according to its terms.
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