BARUFFI KUMI YAMAMOTO 4

What Happened

• Kumi Baruffi, EVP General Counsel and Corporate Secretary of Columbia Banking System (COLB), had two dispositions reported on Jan 20, 2026. She forfeited 632 performance-restricted stock unit (PRSU) shares (reported at $0.00) and 1,508 shares were withheld to satisfy tax withholding obligations at $28.35 per share, valued at $42,752.
• These were not open-market sales: the 632 shares were forfeited because performance targets were not met, and the 1,508-share disposition represents shares withheld to cover taxes upon vesting.

Key Details

• Transaction dates & prices: Jan 20, 2026 — 632 shares forfeited at $0.00; 1,508 shares withheld at $28.35 ($42,752 total).
• Transaction codes: D = Disposition to issuer (forfeiture); F = Payment of exercise price or tax liability (share withholding).
• Footnotes: F1 — forfeiture of PRSUs granted Feb 21, 2023 due to total shareholder return target not met. F2 — withholding of shares to satisfy tax obligations on vested RSUs.
• Shares owned after the transaction: not specified in the filing.
• Filing timeliness: Form 4 filed Jan 22, 2026 — appears timely (filed within the typical 2-business-day window).

Context

• Forfeitures and tax-withholding are routine administrative actions tied to equity awards and do not indicate an open-market sale or direct decision to monetize shares.
• Investors typically view purchases as stronger signals than forfeitures or tax withholdings; these entries mainly reflect award vesting outcomes and plan terms.