Dunbar Jeffrey Barton 4

What Happened

• Portfolio Manager Jeffrey Barton Dunbar converted/exercised cash‑settled "phantom" share awards (derivatives) on Feb 25, 2026. The filing shows a grant/acquisition of 9,106.15 phantom shares valued at $98,437 (at $10.81 each) and a disposition (surrender) of 5,014.51 shares to the issuer at $10.81 for $54,207. Several additional derivative conversions/dispositions (2,632.73; 942.14; 1,439.64 shares) were recorded the same day. These are cash‑settled awards, not open‑market stock trades.

Key Details

• Transaction date: February 25, 2026; Form 4 filed February 27, 2026 (appears timely, within typical 2‑business‑day window).
• Reported amounts/prices: Grant of 9,106.15 phantom shares @ $10.81 = $98,437 (acquired, derivative); Disposition to issuer 5,014.51 shares @ $10.81 = $54,207 (disposed). Other conversions/dispositions: 2,632.73; 942.14; 1,439.64 shares (no per‑share cash amount reported for those lines).
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Footnotes: F1–F5 indicate these are "phantom" shares (cash‑settled equivalents of common stock) granted in prior years that vest in equal installments over three years; some of the reported conversions relate to earlier grants (Feb 23–25 of prior years).
• Likely mechanics: The disposition/surrender to the issuer typically reflects shares retained/surrendered to satisfy tax withholding or cashless settlement on vesting; the filing treats these as derivative exercises/conversions.

Context

• These were derivative/phantom‑share transactions (cash‑settled awards), not open‑market purchases or sales of common stock — so they do not reflect a direct buy/sell of BAS shares on the market.
• Dispositions to the issuer following exercise are common for tax withholding or cashless settlement and do not necessarily indicate a change in insider sentiment.