Kelley Stephen Douglas 4

What Happened

• Stephen D. Kelley, President, CEO and a director of Advanced Energy Industries (AEIS), reported conversion/settlement of performance-based equity on Feb 18, 2026. The filing shows a conversion/settlement entry for 53,704 shares (reported acquisition at $314.12 per share; value reported $16,869,500) and a separate conversion entry for 32,849 shares (reported as a derivative conversion at $0). The company also reported withholding of 23,504 shares to satisfy tax withholding obligations (23,504 shares × $314.12 ≈ $7,383,076).
• The set of entries reflects vested performance stock units issued under the 2023 Long-Term Incentive Plan that were approved for release by the board. This is a vesting/settlement event (award conversion), not an open-market purchase or a voluntary sale.

Key Details

• Transaction date: 2026-02-18; Form 4 filed: 2026-02-20 (filed timely).
• Reported prices/values: 53,704 shares at $314.12 (≈ $16.87M); tax withholding 23,504 shares at $314.12 (≈ $7.38M). A second conversion of 32,849 shares is reported at $0 in the filing.
• Aggregate implication: the filing’s entries total 86,553 shares converted/vested (53,704 + 32,849). At the reported $314.12 price, those shares correspond to roughly $27.2M in market value; after withholding of 23,504 shares, the filing implies about 63,049 net shares were issued to Kelley (filing treats some conversions as $0 derivative entries — see footnotes).
• Shares owned after transaction (per filing footnote): 102,253 shares of common stock and 21,899 unvested restricted stock units.
• Footnotes: (1) Shares represent vested performance unit awards under the 2023 LTI Plan approved for release 2/18/2026; (2) 23,504 shares were withheld to satisfy tax liability; (3) holdings after the transaction called out in the filing; (4) awards were issued at 100% of target and vested based on three‑year performance metrics.
• Transaction codes in the filing: M = exercise/conversion of derivative (vesting/settlement); F = withholding to pay taxes.

Context

• This was a scheduled vesting/settlement of performance-based awards after a multi-year performance period, not an open-market purchase or discretionary sale. Tax-withholding by share retention is a common administrative step and does not by itself indicate management buying or selling shares.