Horgan Kyle 4

What Happened
Kyle Horgan, Executive Vice President, Specialty at Sunbelt Rentals (SUNB), reported receiving a total of 95,075 shares/awards via grants and a share exchange tied to the company’s recent corporate transitions and listing. The Form 4 shows: 64,580 shares reported on Feb 27 (includes conversion of Ashtead shares and restricted stock units), 27,380 performance stock units reported on Mar 2 (performance condition deemed satisfied), and 3,115 derivative deferred stock units reported on Feb 27. No cash purchase or open-market trade was involved; many of these awards are subject to future vesting or cash settlement.

Key Details

• Transaction dates: Feb 27, 2026 (64,580 and 3,115 units) and Mar 2, 2026 (27,380 PSUs). Form 4 filed Mar 3, 2026 (Accession 0001193125-26-088631).
• Prices: N/A — these were awards/allocations and an in-kind exchange, not market purchases. No cash paid or received for the Ashtead → Sunbelt exchange.
• Total reported: 95,075 shares/units (64,580 + 27,380 + 3,115).
• Ownership after transaction: Not specified in the supplied filing details.
• Notable footnotes:
  • F1: 56,254 shares came from a one-for-one exchange of Ashtead Group plc ordinary shares owned by Horgan; no cash exchanged.
  • F2: 8,326 restricted stock units (RSUs) included in the Feb 27 grant; staggered vesting through July 2028.
  • F3: 27,380 performance stock units (PSUs) — performance conditions were deemed satisfied on Mar 2, 2026 (linked to SUNB’s NYSE listing); these PSUs vest over 2026–2028.
  • F4: 3,115 deferred stock units (derivative) vest Apr 30, 2026 and are settled solely in cash (economic equivalent of shares).
• Filing timeliness: Form filed Mar 3, 2026; the filing shows the transactions and related footnotes (no late-filing notation provided in the summary data).

Context

• These transactions are awards/conversions tied to corporate actions (Ashtead scheme of arrangement and Sunbelt’s NYSE listing) and compensation programs — not open-market insider buying or selling.
• RSUs and PSUs grant rights to future shares contingent on vesting schedules; PSUs here had their performance condition satisfied but will vest on scheduled future dates.
• Deferred stock units are derivative and will be cash-settled, so they do not necessarily increase outstanding shares when settled.
• For retail investors, awards and in-kind exchanges typically reflect corporate restructuring and compensation mechanics rather than a direct insider bet on the stock price.