OCONNOR WALTER 4

What Happened
Walter O'Connor, a portfolio manager, exercised/converted 99.532 phantom shares and immediately disposed of them to the issuer for cash on January 30, 2026. The filing shows a disposition to the issuer at $22.79 per share, totaling $2,268. This was a cash settlement of a derivative (phantom share) rather than an open-market sale of common stock.

Key Details

• Transaction date: 2026-01-30; Filing date: 2026-02-03 (filed within the normal two-business-day window).
• Actions reported: Exercise/conversion of derivative (code M) and disposition to issuer (code D) for 99.532 phantom shares.
• Price/value: $22.79 per share; total reported proceeds $2,268.
• Shares owned after transaction: not disclosed in the provided filing; cash settlement of phantom shares typically does not change long-term common-stock holdings.
• Footnotes: F1 explains a phantom share is economically equivalent to one share and is payable in cash on vesting. F2 notes these phantom shares were granted Jan 31, 2025 and vest in three equal annual installments.

Context
This was a cash settlement of vested phantom-share units (a derivative award), effectively converting compensation into cash. Because the shares were surrendered to the issuer in settlement, this is not an open-market sale and shouldn't be read as a trading signal on company stock.