LALLY JAMES BRIAN 4

What Happened

• James B. Lally, CEO and director of Enterprise Financial Services Corp. (EFSC), had 7,982 restricted stock units (RSUs) convert/exercise into common shares on 2026-02-24. As part of the issuance, 3,502 shares were withheld/surrendered to satisfy tax withholding obligations, producing proceeds of $201,610 (3,502 × $57.57).
• The filing reports the conversion/exercise (transaction code M) and the tax withholding (transaction code F). The RSU conversion shows an acquisition of 7,982 shares at $0.00 (typical for vested RSUs).

Key Details

• Transaction date: February 24, 2026; Form 4 filed February 26, 2026 (filed within the 2-business-day Form 4 window).
• Converted/issued: 7,982 shares (exercise/conversion of derivative, reported at $0.00).
• Shares withheld for taxes: 3,502 shares at $57.57 each = $201,610 (tax withholding).
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Relevant footnotes: F1 = withholding to satisfy tax obligation; F9 = RSUs vesting schedule (RSUs vest over six years with one-third vesting on Feb 24, 2024, Feb 24, 2026, and Feb 24, 2028).
• Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price/tax liability (stock withheld).

Context

• This appears to be a routine RSU vesting and tax-withholding event, not an open-market sale. The withholding of shares to cover taxes is a common cashless method and does not necessarily indicate a change in the insider’s view of the company.
• For retail investors, purchases or outright open-market buys are generally stronger bullish signals than vesting/withholding events like this one.