SAUL B FRANCIS II 4

What Happened

• B. Francis Saul II (reported as a 10% owner) reported multiple transactions on March 11, 2026. He acquired 8,000 shares via exercise/conversion of derivative instruments and received 4,000 shares as an award (total acquired = 12,000 shares). The filing also shows two derivative “disposition” entries of 4,000 shares each (total disposed = 8,000). All transactions are reported at $0.00 per share, indicating conversions/awards rather than open-market purchases or cash sales.

Key Details

• Transaction date: March 11, 2026; Form filed March 12, 2026.
• Reported amounts/prices: 8,000 shares acquired via exercise/conversion (M) @ $0.00; 4,000 shares awarded (A) @ $0.00; two M dispositions of 4,000 shares each @ $0.00.
• Net change reported in these entries: +4,000 shares (12,000 acquired − 8,000 disposed).
• Shares owned after transaction: Not specified in the excerpt provided.
• Notable footnotes: filings show holdings through affiliated entities and plans (e.g., Van Ness Square Corp. — F1; 401(k) plans — F9/F10), restricted shares with vesting schedules (F13, F15), and convertible units/phantom stock (F16–F19). These notes indicate the transactions include conversions of units/phantom stock and restricted/awarded shares.
• Filing timeliness: No late‑filing flag shown in the provided summary.

Context

• These entries are derivative conversions/awards (codes M and A). Reported $0 prices typically mean shares were issued on conversion or granted (not purchased or sold for cash). The “Disposition” labels for the derivative entries do not necessarily indicate open‑market sales; they often reflect settlement or conversion of derivative instruments.
• As a reported 10% owner with many holdings routed through affiliated entities and family accounts, these transactions reflect internal conversions/awards and affiliated holdings rather than routine officer open‑market trading.