Kaufmann Michael C 4

What Happened
Director Michael C. Kaufmann had restricted stock units (RSUs) convert/exercise on January 22, 2026. The Form 4 reports acquisitions and corresponding dispositions of 799 shares and 24 shares (total 823) at an exercise/conversion price of $0.00. These entries reflect settlement/conversion of RSU-related derivative awards rather than an open‑market purchase or sale.

Key Details

• Transaction date: 2026-01-22; filing date (Form 4): 2026-01-23 (timely — one day later).
• Reported transactions: M (exercise/conversion of derivative) — 799 shares @ $0.00 (acquired and concurrently disposed) and 24 shares @ $0.00 (acquired and concurrently disposed). Total affected: 823 shares.
• Considerations from footnotes:
  • F3: 1,598 RSUs were originally granted 1/22/2025; 799 RSUs vested 1/22/2026 (the other 799 vest 1/22/2027 if service continues).
  • F4: Dividend equivalent units have accrued on the RSUs and vest with the underlying awards (these are contingent rights to receive shares).
  • F1–F2: RSUs and dividend equivalent units each convert to one share of common stock when settled.
• Shares owned after the transactions: not specified in the provided excerpt.
• No 10b5-1 plan, late filing, or open-market sale/purchase is disclosed in the excerpt.

Context
This was a derivative/award settlement (RSU conversion) reported under code M. The Form 4 shows both acquisition and disposition entries at $0.00, which typically accompany RSU vesting/settlement and associated processing (such as delivery or withholding), rather than a market trade. There is no cash purchase or reported open‑market sale in this filing.