Bell Matthew Lane 4

What Happened

• Matthew Lane Bell, Vice President of Steel Dynamics, was granted 776 restricted stock units (RSUs) on 2026-02-20. The grant shows an acquisition price of $0.00 (no cash paid) and is reported as an award (transaction code A).
• These RSUs will settle solely in shares of Steel Dynamics common stock upon vesting; the grant value is not reported as an immediate cash transaction.

Key Details

• Transaction date: 2026-02-20; Form 4 filed: 2026-02-24 (timely filing).
• Grant: 776 restricted stock units; acquisition price: $0.00; total cash paid: $0.
• Vesting schedule (per filing footnote): 1/3 vests on 02/20/2028, 1/3 on 02/20/2029, and the final 1/3 on 02/20/2030. Settlement is in the same number of shares at vesting.
• Exemption: Award is exempt from Section 16(b) short-swing profit rules under Rule 16b-3(d)(1) and (3).
• Shares owned after transaction: not disclosed in the provided filing details.

Context

• RSU awards are compensation grants, not open-market purchases or sales; they do not require immediate cash and typically vest over time. Such awards are routine for executives and don’t directly indicate a near-term trading signal.
• Because these units vest in the future and will convert to shares only upon vesting, they differ from immediate buys/sells; their value to the holder depends on future stock price at settlement.