PEIROS LARRY 4

What Happened

• Director Larry Peiros reported dispositions to the issuer on 2026-01-30 totaling 98,905.275 PCH shares/units (three line items: 75,257.889; 10,441; 13,206.386 (derivative)). These were not open‑market sales but conversions under the Rayonier merger; the Form 4 lists prices as N/A.
• Under the merger terms, each PCH share converted into 1.8185 Rayonier common shares plus $0.61 in cash. Roughly, Peiros’s converted PCH holdings equate to about 179,860 Rayonier shares and approximately $60,332 in cash. The 13,206.386 derivative units converted into Rayonier RSU/stock‑equivalent awards per the merger terms (see footnotes).

Key Details

• Transaction date: 2026-01-30; Form 4 filed: 2026-02-02.
• Transaction code: D (Disposition to issuer) — reflects merger conversion/cancellation, not an open‑market sale.
• Conversion terms: 1.8185 Rayonier common shares + $0.61 cash per PCH share (per Merger Agreement).
• Aggregate PCH units converted: 98,905.275; approximate Rayonier shares received: ~179,860; cash received: ~$60,332.
• Derivative entry (13,206.386) converted into Rayonier restricted stock units/stock equivalents under the merger (subject to original award terms).
• Shares owned after transaction: not disclosed in the provided filing.
• Footnotes: merger agreement dated Oct 13, 2025 governs conversion; RSUs and stock‑equivalents were converted into Rayonier awards/units and remain subject to their original plan/agreement terms.

Context

• This Form 4 reflects the corporate transaction (merger) that automatically converted outstanding PCH securities into Rayonier securities and cash. It is not a voluntary sale by the director and therefore shouldn’t be read as a personal bullish/bearish trade signal.