Farrell Michael James 4

What Happened

• Michael Farrell (SVP, Paperboard Mfg.) converted 4,057 service-based restricted stock units (RSUs) into common shares on Feb 26, 2026 (recorded as an exercise/conversion of a derivative, code M). No cash was paid for the shares on conversion (reported $0.00 per share).
• To satisfy tax withholding obligations, 1,465 of those shares were surrendered (code F) at an effective price of $12.10 per share, generating a tax withholding value of $17,727. The filing also lists a derivative disposition entry related to the conversion (technical reporting of the RSU/derivative transaction).

Key Details

• Transaction date: 2026-02-26. Form 4 filed: 2026-03-02 (timely filed).
• Conversions/Exercised (M): 4,057 shares acquired at $0.00 per share.
• Tax withholding (F): 1,465 shares disposed at $12.10 per share = $17,727 withheld.
• Footnote: F1 — the Service-Based RSUs expire upon conversion and payout in shares of the Company’s common stock.
• Shares owned after the transaction: not provided in the supplied filing extract.

Context

• This was a routine RSU vest/settlement with shares withheld for taxes — not an open-market sale or a cash purchase. Such withholding is a common administrative step and does not necessarily indicate insider sentiment.
• Transaction codes: M = exercise/conversion of a derivative (here, RSU conversion); F = payment of exercise price or tax liability (share withholding).