BOTNER E TED 4

What Happened
Ted Botner (retired) received vested time‑based restricted stock units (RSUs) that settled into common shares on June 30, 2026. A total of 41,704 shares were issued from vested awards (combining 2020 and 2025 long‑term incentive plan awards and prorated vesting due to retirement). To satisfy tax withholding obligations, 16,411 shares were withheld at $33.42 per share for a cash value of approximately $548,444, leaving a net issuance of about 25,293 shares to the reporting person. The filing also reports conversions/settlements of several derivative/phantom units and some forfeited RSUs tied to the retirement.

Key Details

• Transaction date: 2026-06-30; Form 4 filed 2026-07-02.
• Primary actions reported: M = exercise/conversion of derivatives (RSU/phantom unit settlements); F = shares withheld to pay taxes on RSU vesting.
• Shares issued (vested/converted): 8,790 + 7,799 + 25,115 = 41,704 shares.
• Shares withheld for taxes (disposed): 3,459 + 3,069 + 9,883 = 16,411 shares at $33.42 each = $115,597 + $102,564 + $330,283 = $548,444.
• Net shares retained by reporting person (approx): 41,704 − 16,411 = 25,293 shares.
• Notable footnotes: F1/F5 — RSUs from 2020 and 2025 LTIP vested/settled one‑for‑one (includes prorated retirement portion and dividend‑equivalent shares); F2/F4 — a total of 10,043 RSUs forfeited due to retirement (1,915 + 8,128); F3 — shares withheld for taxes; F7–F9/F10 — some reported units are phantom/excess benefit plan units (economic equivalents, no conversion price/exercisable/expiration dates).
• Shares owned after the transaction: not specified in the supplied data.

Context

• This was not an open‑market sale or purchase by the insider but routine settlement of compensation awards upon vesting/retirement. The F code entries reflect share withholding to cover tax obligations rather than discretionary sales.
• M = exercise/conversion of derivative/phantom units or RSU settlement; F = shares surrendered/withheld for taxes.
• No indication in the supplied data that this is a 10% owner transaction or a 10b5‑1 plan trade.
• Facts only — vesting/withholding events reflect compensation plan mechanics and retirement treatment, not a direct signal of buy/sell intent.