SULLIVAN LENORE M 4

What Happened
Lenore M. Sullivan, a director of PotlatchDeltic Corp (PCH), recorded a disposition of 32,676.126 PCH shares on 2026-01-30 as part of the company’s merger into Rayonier. Per the merger terms each PCH share converted into 1.8185 Rayonier common shares plus $0.61 cash, so the exchanged PCH shares equate to roughly 59,421 Rayonier shares and about $19,938 in cash. The Form 4 lists the disposition type as “D” (Disposition to the issuer); no per-share sale price is shown (N/A).

Key Details

• Transaction date: 2026-01-30 (Disposition to issuer, code D)
• Filing date: 2026-02-02 (timely filed)
• Shares disposed: 32,676.126 PCH shares
• Conversion: 1.8185 Rayonier shares + $0.61 cash per PCH share → ~59,421 Rayonier shares and ~$19,938 cash (before any fractional-share adjustments)
• Price reported on Form 4: N/A (corporate merger consideration, not an open-market sale)
• Shares owned after transaction: not specified in the provided excerpt
• Relevant footnotes:
  • F1: Merger Agreement—each PCH share automatically converted into 1.8185 Rayonier shares and $0.61 cash at the Effective Time.
  • F2: Outstanding restricted stock units (if any) converted into Rayonier RSU awards per the agreement (subject to original plan terms and any vesting rules).

Context
This was not an open-market sale but a corporate-action disposition tied to the PotlatchDeltic–Rayonier merger. Such filings reflect the exchange of equity under merger terms rather than a director selling stock for liquidity or sentiment; restricted stock units were also converted into Rayonier RSUs per the agreement. For investors, merger-driven dispositions generally convey less actionable insight about insider sentiment than voluntary purchases or market sales.