BARGABOS SHEREE L 4

What Happened
Sheree L. Bargabos, a director of Steel Dynamics, was granted 158 shares on 2026-05-06 as an award (recorded at $0.00 per share). The award was issued as deferred stock units (DSUs) under the company’s 2023 Equity Incentive Plan as part of her director retainer. This is a compensatory grant (not an open-market purchase or sale) and does not reflect an immediate cash transaction.

Key Details

• Transaction date: 2026-05-06; Form filed: 2026-05-07 (timely filing).
• Transaction type/code: A — Grant/Award; reported price: $0.00; shares acquired: 158.
• Shares owned after transaction: not specified in the filing.
• Footnote: DSUs issued as a director retainer, exempt from Section 16(b) under Rule 16b-3(d)(1) and (3). DSUs are reportable as direct common stock because they will be settled solely in shares (per cited precedent).
• Implication: exempt from short-swing profit liability; treated as deferred compensation rather than a market trade.

Context
Deferred stock units are a form of compensation that convert to common shares when settled and generally do not signal immediate insider buying or selling intent. The $0.00 amount on the Form 4 reflects the nature of the award reporting; the actual economic value will depend on the stock price when the DSUs are paid out.