Bates David J. 4

What Happened
David J. Bates, Chief Operating Officer of XPO, Inc. (XPO), had restricted stock units (RSUs) convert/settle on March 15, 2026. The filing shows an acquisition of 6,889 shares via RSU conversion (reported as exercise/conversion of a derivative). To satisfy tax withholding, 2,994 shares were disposed at $181.71 per share for total proceeds of $544,040. The filing also reports three additional derivative-related dispositions of 3,975, 1,451 and 1,463 shares (reported at $0.00 in the Form 4), which reflect RSU settlement activity.

Key Details

• Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (timely filing).
• Reported transactions:
  • Acquired 6,889 shares (exercise/conversion of derivative, code M) — reported $0.00 price in filing.
  • Tax withholding sale: disposed 2,994 shares at $181.71 each for $544,040 (code F).
  • Additional RSU/derivative dispositions: 3,975; 1,451; 1,463 shares (each reported with $0.00 price).
• Shares owned after the transactions: not specified in the provided summary of the filing.
• Footnotes: RSUs may settle in stock or cash (F1). Some RSUs vested in full on March 15, 2026 (F2); others have 2‑year (F3) or 3‑year (F4) vesting schedules.

Context
This appears to be routine RSU vesting and a sell-to-cover for taxes rather than an open-market investment decision. The $544k disposition was to satisfy tax withholding; the zero-dollar entries reflect the mechanics of RSU settlement reporting (conversion/settlement of derivative awards), not an open-market sale at $0.