NEUPAVER ALBERT J 4

What Happened

• Albert J. Neupaver, a director of Koppers Holdings Inc. (KOP), reported the exercise/conversion of derivative securities on May 7, 2026. The filing shows an acquisition of 50 shares at $0.00 (conversion of dividend-equivalent rights, or DERs) and a corresponding reported disposition of 50 shares at $0.00 (reported as derivative activity).
• The reported transactions have a reported price of $0.00 and $0 total cash value because these shares were issued upon release/conversion of DERs tied to previously granted restricted stock units (RSUs).

Key Details

• Transaction date: May 7, 2026; Form 4 filed: May 11, 2026.
• Transaction type: Exercise/conversion of derivative securities (code M).
• Shares acquired: 50 at $0.00 (derived from released DERs).
• Shares disposed: 50 at $0.00 (reported as derivative disposition in the same filing).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: F1 — shares were acquired upon release of dividend-equivalent rights (DERs) on a one-for-one basis. F2 — these DERs were released in connection with the vesting of RSUs granted May 8, 2025; each DER is the economic equivalent of one Koppers share.
• No information in the provided excerpt indicating a 10b5-1 plan, tax withholding sale, or late-filing designation.

Context

• This was not a cash purchase or sale in the open market; it reflects conversion/release of dividend-equivalent rights tied to RSU vesting. Such conversions typically reflect issuance of shares from compensation awards rather than a market signal of buying or selling by the insider.
• For retail investors: conversions of DERs/RSUs are routine compensation events for insiders and should be interpreted differently from open-market purchases (which can indicate increased confidence) or open-market sales (which can signal liquidity needs or portfolio rebalancing).