Boyd Iain 4

What Happened

• Iain Boyd (VP - Operations Development) reported multiple derivative and award transactions on Feb 12, 2026. The filing shows exercise/conversion activity (1,031 shares reported) and the grant/award of three derivative awards totaling 2,213, 533 and 1,065 units (3,811 units total). To cover tax and related obligations, 349 shares were withheld at $378.55 each (total ≈ $132,114) and 448 shares were surrendered to the issuer; 1,031 shares are also reported as disposed in connection with the exercise/conversion.
• These were mostly vesting/exercise and award transactions (not open-market purchases). Withholding and share surrender are routine administrative steps (tax withholding and issuer settlement), not an open-market sale.

Key Details

• Transaction date: all activity reported for 2026-02-12; Form 4 filed 2026-02-17 (filed timely).
• Price / value shown: 349 shares withheld at $378.55 each = $132,114. Other award lines show $0.00 (derivative grants) or N/A for exercise price in the filing excerpt.
• Shares involved: exercises/conversions (1,031 shares); awards/grants of 2,213, 533, and 1,065 units (total 3,811). Dispositions: 1,031 and 448 shares noted as disposed; 349 shares withheld for taxes.
• Notable footnotes:
  • F1: 69.7% of certain performance units vested based on Company performance for 2023–2025 (the reporting person’s opportunity was up to 200% originally reported, subject to plan limits).
  • F2: Shares were withheld to cover tax withholding upon vesting.
  • F11: Payment will be made according to the reporting person’s deferral election, death, disability or termination rules.
  • Other footnotes describe vesting/award mechanics and potential future performance-based vesting (targets and max payouts).
• Shares owned after transaction: not specified in the provided excerpt.

Context

• These transactions are derivative exercises and award vesting/settlements rather than open-market buys or voluntary sales. The withholding and surrendered shares indicate a net settlement/tax-withholding process commonly used when awards vest or options are exercised.
• The filing was submitted on Feb 17, 2026, which meets the Form 4 reporting window for the Feb 12, 2026 transactions (filed timely).