Mike Slessor, CEO of FormFactor (FORM), has filed 90 Form 4 transactions across two companies, with a clear and consistent sell-side bias. His total open-market sales amount to $16.1 million, while he has recorded zero open-market purchases. The recent activity, all in FORM, shows 15 sales between July and October 2026, with no buys. The largest cluster came on October 14, 2026, when three separate sales totaled roughly $1.39 million. September 16 brought three more sales worth about $1.83 million combined, and August 14 saw six sales totaling approximately $2.1 million. Smaller sales occurred on July 15, adding about $161,700.
The pattern is not purely discretionary selling. Several transactions are mechanical. On August 5, 6, and 7, Slessor exercised options (code M, valued at $0) and had shares withheld to cover taxes (code F), including a $9.26 million withholding on August 7. He also received grants (code A) on August 6 and 7 with no cash value. These are compensation events, not market decisions. The open-market sales, however, are voluntary and have been steady across four consecutive months.
Slessor's selling is consistent with a CEO who regularly liquidates vested equity. The dollar values vary from small amounts like $20,243 on July 15 to the $965,648 sale on October 14. There is no purchase activity to offset the sales, so the directional signal is one-way. The data shows a seller, not a buyer, and the frequency suggests a routine schedule rather than a one-off event.
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