Frost G. Janelle 4

What Happened

• Frost G. Janelle, President & CEO and Director of AMERISAFE, had 4,401 restricted stock units (RSUs) convert into common shares on March 1, 2026. All 4,401 shares were issued upon vesting; 1,883 of those shares were withheld to satisfy tax withholding obligations at $32.53 per share, totaling $61,254. The net increase in Janelle’s beneficial ownership was 2,518 shares (4,401 issued minus 1,883 withheld).
• The filing shows the RSU conversion as an exercise/conversion of a derivative (Code M) and the tax withholding as a payment of tax liability (Code F). One line reports the derivative cancelled/converted (disposed at $0), which is typical when RSUs convert to common stock.

Key Details

• Transaction date: March 1, 2026; Form 4 filed March 3, 2026 (period of report March 1, 2026).
• Shares issued on vesting: 4,401 common shares (1-for-1 conversion of RSUs per footnote).
• Shares withheld for taxes: 1,883 at $32.53 each = $61,254.
• Net shares retained by insider: 2,518 shares.
• Footnotes: F1 — RSUs convert one-for-one into common stock; F2 — 4,401 RSUs fully vested on March 1, 2026.
• The filing does not state total shares owned after the transaction in the provided excerpt.

Context

• This was a routine RSU vesting with share withholding to cover taxes (a common form of tax withholding), not an open-market sale. Such withholdings are standard and do not necessarily signal insider sentiment. The conversion of RSUs is reported as a derivative exercise (Code M) with the withholding reported under Code F.