DeReu William R 4

What Happened William R. DeReu, Vice President, Real Estate at PotlatchDeltic (PCH), had a series of merger-related transactions at the end of January 2026. The filing shows a grant/conversion of 27,395.237 derivative units (reported at $0.00) on 2026-01-29 and two dispositions to the issuer: 77,935.732 common shares on 2026-01-30 and 27,395.237 derivative units on 2026-01-30. In total he surrendered about 105,330.97 PCH shares/units. Under the Merger Agreement each PCH share converts into 1.8185 Rayonier common shares plus $0.61 in cash; the 77,935.732 common-share disposition therefore equates to roughly 141,726 Rayonier shares and about $47,541 in cash, and the 27,395.237 RSU conversion equates to roughly 49,818 Rayonier RSU shares (total Rayonier-equivalent ≈ 191,544 shares).

Key Details

• Transaction dates: 2026-01-29 (award/conversion of 27,395.237 RSU units) and 2026-01-30 (dispositions of 77,935.732 common shares and 27,395.237 derivative units).
• Transaction codes: A = Award/Grant (27,395.237 @ $0.00); D = Disposition to issuer (77,935.732 and 27,395.237; no per-share sale price reported because transactions were merger conversions/settlements).
• Deal economics per Merger Agreement: each PCH share → 1.8185 Rayonier common shares + $0.61 cash (approx. 141,726 Rayonier shares + $47,541 cash for the 77,935.732 common shares; ~49,818 Rayonier-equivalent RSU for the 27,395.237 units).
• Shares owned after transaction: not specified in the Form 4 filing.
• Footnotes: Transactions occurred at the Effective Time of the merger with Rayonier (see Merger Agreement) and include conversion of RSUs/performance awards into Rayonier RSU awards (footnotes F1–F3).
• Filing date: 2026-02-02 (filing lists transactions dated 2026-01-29 and 01-30). The filing itself does not indicate any special late-filing designation.

Context These entries reflect corporate-merger conversions and settlements rather than open-market buying or selling for personal liquidity. The grant/award line records conversion of issuer RSUs into Rayonier RSU awards per the merger terms, and the dispositions reflect surrender/settlement of PCH securities at the Effective Time. Such merger-driven conversions are routine corporate actions and do not necessarily signal the insider’s view of the combined company’s prospects.