Hershey Mark A 4
4 · ARMSTRONG WORLD INDUSTRIES INC · Filed Apr 10, 2026
Research Summary
AI-generated summary of this filing
Armstrong World (AWI) CEO Mark Hershey Receives Award; Tax Withholding
What Happened
Mark A. Hershey, President & CEO of Armstrong World Industries (AWI), had 13,423 performance restricted stock units (PRSUs) convert into 13,423 shares of AWI common stock on April 8, 2026 (no exercise price). To satisfy tax withholding, 5,839 of those shares were withheld by the company, a disposition valued at $172.77 per share totaling $1,008,804. The conversion followed certification of the performance metrics for the PRSUs.
Key Details
- Transaction date: April 8, 2026; Form 4 filed April 10, 2026 (filed within the 2‑business‑day reporting window).
- Conversions/Acquisitions: 13,423 PRSUs converted to 13,423 shares (reported as derivative conversion, code M) at $0.00 exercise price.
- Withholding/Disposition: 5,839 shares withheld to satisfy tax obligations (code F) at $172.77/share, total $1,008,804.
- Footnotes: PRSUs convert 1:1 to common shares (F1, F3); the PRSUs were granted Mar 1, 2023 for the 2023–2025 performance period and certified by the Compensation Committee on Apr 8, 2026 (F4). The withheld shares represent tax withholding (F2).
- Shares owned after transaction: not disclosed in the provided filing excerpt.
- Filing timeliness: Timely (transaction Apr 8; Form 4 filed Apr 10).
Context
This was not an open‑market sale or purchase but the settlement of performance‑based equity compensation after achievement and certification of pre‑established goals. The withholding of shares to cover taxes is a routine administrative action and should not be interpreted as an additional voluntary sale by the insider.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-04-08+13,423→ 70,616 total - Tax Payment
Common Stock
[F2]2026-04-08$172.77/sh−5,839$1,008,804→ 64,777 total - Exercise/Conversion
Performance Based Restricted Stock Units
[F3][F4][F5]2026-04-08−13,423→ 0 total→ Common Stock (13,423 underlying)
Footnotes (5)
- [F1]Reflects the conversion of previously granted performance restricted stock units into shares of Issuer's common stock in connection with the earning and payment of the units based on underlying performance metrics.
- [F2]Represents the number of shares withheld by the Issuer to satisfy the Reporting Person's tax obligations incurred upon the earning and payment of certain restricted stock units granted to the Reporting Person under the 2022 Equity and Cash Incentive Plan.
- [F3]Each performance restricted stock unit represents a contingent right to receive one share of Issuer's common stock.
- [F4]The performance restricted stock units were granted on March 1, 2023, under the 2022 Equity and Cash Incentive Plan of the Issuer. The performance period for the performance restricted stock units was January 1, 2023 to December 31, 2025, with the performance restricted stock units vesting at the conclusion of the performance period and earning and payment subject to achievement and certification of pre-established performance conditions. Achievement of the performance conditions was certified by the Management Development and Compensation Committee of the Board of Directors of the Issuer on April 8, 2026.
- [F5]Not applicable.