Lucas Shannon 4

What Happened

• Lucas Shannon (reported as a 10% owner) had 22,918 restricted stock units (RSUs) convert into common shares on February 28, 2026 (reported as derivative conversion, code M). The RSUs converted at $0 cost basis (typical for vested RSUs). To cover tax withholding associated with the vesting, 9,019 shares were withheld and reported as a payment of tax liability (code F) at an implied price of $19.00 per share, totaling $171,361. The net shares remaining from this conversion are 13,899 (22,918 − 9,019), which appear to be retained or reflected in related spouse/trust holdings per the footnotes.

Key Details

• Transaction date: 2026-02-28. Filing date: 2026-03-03 (filed timely).
• Conversion (M): 22,918 RSUs -> 22,918 shares acquired at $0.00.
• Tax withholding (F): 9,019 shares withheld at $19.00 per share = $171,361.
• Shares remaining after withholding: 13,899 shares (22,918 − 9,019).
• Notable footnotes: F1/F9/F10 — these were RSUs that vested (each RSU = 1 share); F10 notes the RSU award vests in 24 equal monthly installments from Jan 1, 2025 to Dec 31, 2026. Multiple footnotes (F2–F8) indicate some reported shares are held by the reporting person’s spouse or by trusts/entities and include customary disclaimers of beneficial ownership.
• Transaction codes: M = exercise/conversion of derivative (RSU vesting); F = payment of tax liability via share withholding.

Context

• This was not an open-market sale or purchase: it was routine RSU vesting with shares withheld to satisfy tax obligations (a common, non‑sentiment event). Because the acquisition price is $0 (RSU vesting), the economic effect is tax withholding rather than an investment buy or sell. As a reported 10% owner, filings also disclose related spouse and trust holdings; those disclosures do not necessarily indicate the reporting person’s direct trading intent.