Mazabraud Yann 4

What Happened
Yann Mazabraud, EVP & Head of International at Rhythm Pharmaceuticals (RYTM), had restricted stock units (RSUs) convert on Feb 14, 2026. The Form 4 shows conversion/exercise of derivative awards for a total of 20,000 shares: 10,000 shares were acquired (issued) to him and 10,000 shares were disposed of at $0.00 (withheld) to satisfy tax withholding. The transaction code M indicates an exercise/conversion of a derivative (here RSUs); no cash purchase price or sale proceeds are reported for the issued shares.

Key Details

• Transaction date: 2026-02-14 (reported on Form 4 filed 2026-02-18). Filing is timely (filed within two SEC business days; Feb 16, 2026 was a U.S. holiday).
• Reported entries: 10,000 shares acquired (conversion/issuance); 10,000 shares disposed at $0.00 (tax withholding).
• Price: Acquired line shows N/A (no cash paid); disposed line shows $0.00 (withheld shares, not a market sale).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: F1 — each RSU represents a right to one share; F2 — vesting schedule: 25% on Feb 14, 2026, then Feb 1 of 2027, 2028 and 2029; RSUs have no expiration.

Context

• These were RSU conversions (compensation vesting), not an open-market purchase or sale; withholding of shares to cover taxes is common and does not imply a market sale.
• Because part of the award was withheld (disposition at $0.00), there were no cash proceeds to the insider from that portion.
• Such compensation-related transactions are routine for executives and are disclosure of ownership changes rather than direct market sentiment signals.