Shah Mihir 4

What Happened

• Mihir Shah, CEO of JLL Technologies (a business unit of Jones Lang LaSalle Inc. – JLL), had restricted stock units (RSUs) vest on February 15, 2026. Per the Form 4, 9,907 RSUs converted into an equal number of JLL shares (exercise/conversion, code M). To cover tax withholding (code F), 5,262 shares were withheld at $289.15 per share for a tax-withholding value of $1,521,507. After withholding, Shah retained a net ~4,645 shares from this vesting event.
• These were not open-market sales; the share disposals were to satisfy tax liabilities (a routine “sell-to-cover” / withholding).

Key Details

• Transaction date: February 15, 2026; Filing date: February 18, 2026 (filing appears one business day late relative to the Feb 15 transaction).
• Conversion details shown on the filing: 3,724 and 6,183 RSUs converted (total recorded acquired: 9,907 shares). Tax withholding disposals: 1,972 shares ($570,204) and 3,290 shares ($951,303) at $289.15 each, total $1,521,507.
• Net shares retained from the vesting: ~4,645 shares (9,907 vested − 5,262 withheld).
• Footnotes: F1 confirms RSUs convert into an equal number of common shares. F2 and F3 identify the original RSU grants (11,175 RSUs granted Dec 10, 2024 vesting one‑third on Feb 15, 2026; 6,183 RSUs granted Apr 5, 2023 vesting Feb 15, 2026).
• Shares owned after the transaction: not specified in the filing.

Context

• Code explanations: M = exercise/conversion of a derivative (here, RSU conversion to shares); F = payment of exercise price or tax liability (share withholding to cover taxes). This is a routine tax-withholding event tied to RSU vesting, not an open-market sale signaling a discretionary cash-out.
• For retail investors: purchases or outright open-market buys by insiders are often more informative of bullish sentiment. Sell-to-cover withholding like this is common when awards vest and does not by itself indicate a change in the insider’s view of the company.