DALLAS ROBERT H II 4

What Happened

• Robert H. Dallas II (10% owner) exercised multiple option/derivative awards on 2026-03-12, acquiring a total of 17,300 shares at various strike prices for aggregate cash of $346,522.
• He sold shares in the open market — 7,088 shares on 2026-03-12 for $352,274 (weighted avg $49.70, trades ranged $49.27–$50.06) and 7,725 shares on 2026-03-13 for $383,160 (weighted avg $49.60, trades ranged $49.46–$50.03) — total proceeds about $735,434.
• The filing also shows the derivative positions converted/removed (reported as $0 dispositions) corresponding to the exercised options. These sales were at least partly executed to cover anticipated tax liability.

Key Details

• Transaction dates: exercises on 2026-03-12; sales on 2026-03-12 and 2026-03-13.
• Exercise breakdown (shares @ strike — cash paid): 500 @ $15.70 ($7,850); 152 @ $19.75 ($3,002); 3,048 @ $19.75 ($60,198); 3,000 @ $18.77 ($56,310); 6,600 @ $22.57 ($148,962); 4,000 @ $17.55 ($70,200). Total exercised = 17,300 shares; total cash paid ≈ $346,522.
• Sales: 7,088 shares @ weighted avg $49.70 = $352,274 (F1); 7,725 shares @ weighted avg $49.60 = $383,160 (F3). Total sold ≈ 14,813 shares for ≈ $735,434.
• Shares owned after transaction (total beneficial ownership): 1,812,732 (per filing remarks; includes Computershare and brokerage accounts per F4/F5).
• Notable footnotes: F2 indicates the sale was executed the day after the exercise to cover anticipated tax liability; F1/F3 note sales were executed in multiple trades with reported weighted averages; F4/F5 describe where shares are held (Computershare and brokerage accounts).
• Filing timeliness: Transaction reported in a Form 4 filed 2026-03-16 for transactions on 2026-03-12–03-13 (filed within the standard Section 16 reporting window).

Context

• Code M = exercise or conversion of derivative (options); the zero-dollar "disposed" entries reflect the derivative instruments being converted/removed upon exercise.
• This pattern (exercise followed by sale to cover taxes) is common and typically routine rather than a directional bet on the stock. As a 10% owner (not an executive title reported), these transactions reflect his large ownership position rather than insider compensation trading.