SMITH J DAVID 4

What Happened

• Director J. David Smith reported a grant and conversion of restricted stock units (RSUs). The filing shows a 2,749‑unit RSU award on May 18, 2026 (no purchase price) and the conversion/exercise of RSUs that vested on May 19, 2026 for 2,074 shares. The same 2,074 shares also appear as a disposition at $0 in the filing (commonly done to satisfy tax withholding). No cash purchase or sale proceeds are reported.

Key Details

• Transaction dates: RSU grant reported 2026-05-18; RSU conversion/exercise and corresponding disposition reported 2026-05-19. Filing date: 2026-05-20.
• Amounts: 2,749 RSUs granted (award, $0); 2,074 RSUs converted to 2,074 shares (exercise/conversion); 2,074 shares shown as disposed at $0 (likely withheld).
• Price/Value: All transactions reported at $0 (derivative/award activity); no cash proceeds reported.
• Footnotes of note:
  • F1: Conversion represents RSUs that vested on May 19, 2026; vested shares to be delivered within 30 days of vesting.
  • F2: Each RSU equals one share of common stock.
  • F3: New RSUs vest on the first anniversary of grant (vesting schedule applies).
• Shares owned after the transactions: not specified in the provided extract of the filing.
• Timeliness: Filing was submitted May 20 for transactions dated May 18–19; no late‑filing flag shown.

Context

• These entries are derivative/award transactions (RSUs), not open‑market buys or sales. The conversion/exercise plus an immediate disposition of the same number of shares is typical when shares are withheld to cover taxes upon vesting — it does not necessarily indicate a sale for investment reasons. Awards and vesting are routine compensation for directors and executives; purchases are generally considered a stronger bullish signal than awards or routine tax withholdings.