STONE WILLIAM C 4

What Happened

• William C. Stone (reported as a 10% owner) had a mix of equity awards vest/convert and option/derivative conversions on Feb 13–14, 2026. The filing shows awards/vests of 263,394; 244,619; and 52,019 shares on Feb 13 (all reported at $0), plus 14,273 shares on Feb 14. In aggregate the filing reports ~574,305 shares converted/received and ~277,667 shares disposed (both disposals reported at $0). No cash amounts were reported for the awards/conversions.
• The Feb 13 conversion includes performance stock units that were certified at 200% of target (see footnote F2), which increased the number of shares vesting. The disposals reported at $0 often reflect net settlement or withholding but are shown here as disposals in the filing.

Key Details

• Transaction dates: Feb 13, 2026 (major vest/conversions) and Feb 14, 2026 (additional conversion/exercise).
• Reported share amounts: awards/vests of 263,394; 244,619; 52,019 (Feb 13) and 14,273 (Feb 14). Disposals reported: 263,394 (Feb 13) and 14,273 (Feb 14), both at $0.
• Prices/values: all award/conversion entries reported at $0.00 per share (derivative conversions/awards), so no cash values listed.
• Footnotes of interest:
  • F1: RSUs and PSUs convert 1-for-1 into common stock.
  • F2: PSUs were granted Mar 2, 2023 and certified Feb 13, 2026 at 200% of target (includes dividend equivalents).
  • F3–F5: describe vesting schedules for other awards/options referenced in the filing.
• Shares owned after the transaction: not disclosed in the excerpt provided.
• Filing timeliness: transaction report filed Feb 18, 2026. Given the Feb 13–14 transaction dates, the Form 4 was submitted on Feb 18 and appears to meet the SEC’s 2-business-day reporting window (filing does not indicate a late filing flag).

Context

• These entries are primarily conversions/vesting of restricted and performance units (derivative-to-common stock conversions). The filing also shows disposals at $0, which frequently represent shares withheld to satisfy tax withholding or net settlement in connection with vesting (the filing itself does not state the reason).
• As a 10% owner (not necessarily an executive trading on routine open-market buys/sells), Stone’s activity reflects compensation vesting and derivative conversions rather than an open-market purchase or sale for investment purposes. For retail investors, vested awards increase insider share exposure but do not by themselves signal a deliberate buy/sell decision.