Murray Michael J 4

What Happened Michael J. Murray, EVP and Chief Operating Officer of D.R. Horton, had 3,820 restricted stock units (RSUs) convert into common stock on March 23, 2026. Of those 3,820 shares, 1,504 were surrendered to the company to cover tax withholding obligations, valued at about $208,785 (using $138.82 per share). The RSU conversion is reported as a derivative exercise/conversion (code M) and the withholding is reported as a tax payment (code F). After these transactions, Mr. Murray retained 2,316 of the newly issued shares.

Key Details

• Transaction date: March 23, 2026; Form 4 filed March 24, 2026 (filed next day).
• RSUs vested/converted: 3,820 shares (code M); conversion shows $0.00 exercise price (typical for RSUs).
• Shares surrendered for tax withholding: 1,504 shares at $138.82 = $208,785 (code F).
• Net shares retained from this vesting: 2,316 shares.
• Holdings after transaction (per filer): directly owns 126,135 shares; indirectly beneficially owns 249,825 shares and indirectly holds 32,340 shares.
• Footnotes: F1—each RSU converts 1:1 to common stock; F2—surrendered shares were used to cover tax obligations from the vesting; F4—the RSUs were part of a 19,098-unit grant on March 23, 2022 vesting in five annual installments beginning March 23, 2023.

Context This was a routine RSU vesting with share withholding to satisfy tax obligations (a common form of "cashless" withholding). It is not a market sale by the insider; purchases would carry a different informational weight. The filing appears timely (reported the business day after the vesting).