WILLIS CHARLES F IV 4

What Happened

• Willis Charles F IV (reported as a 10% owner) had 10,888 performance-based restricted stock awards (PSAs) convert into common shares on March 16, 2026. The filing shows the derivative conversion (code M) for 10,888 shares.
• To satisfy withholding tax obligations the reporting person returned/surrendered 1,355 shares to the issuer (code F) at $167.18 per share, a total value of $226,529. The filing indicates the tax-withholding was done via share surrender rather than a cash payment.

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (timely).
• Conversion: 10,888 PSAs converted to common shares (derivative exercise/conversion, code M).
• Tax withholding: 1,355 shares surrendered at $167.18 each, total $226,529 (code F).
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes of note:
  • F1: PSAs were granted in 2025 and were subject to performance/time vesting; certification of performance occurred on March 16, 2026.
  • F2: Return/surrender of previously restricted shares to satisfy withholding tax.
  • F5: The reported number reflects the actual PSAs earned; 9,212 of the originally targeted PSAs were forfeited.
  • F3/F4 reference related parties (Charlotte Montressor Willis; Wilder Grace Willis 2016 Trust).
• Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price or tax liability (share withholding).

Context

• These transactions reflect vesting and conversion of performance-based awards, not an open-market buy or sale. Surrendering shares to cover taxes is a routine administrative step and does not necessarily indicate a trading view.
• As a 10% owner, the filing reports related-party ownership status; this is insider reporting rather than an independent market purchase signal.