Switzer Matthew Alan 4

What Happened
Matthew Alan Switzer, EVP and Chief Financial Officer of Primis Financial Corp. (FRST), had derivative awards convert into 5,219 shares on March 5, 2026 (transaction code M). The reported transactions show 5,219 shares acquired at $0.00 and two disposals of 3,250 and 1,969 shares at $0.00. Because the acquisition and disposals are equal, no cash changed hands and there was no net purchase — this reflects conversion/vesting of performance-based restricted stock units (PSUs) and immediate surrender/withholding of shares.

Key Details

• Transaction date: March 5, 2026; Form 4 filed March 6, 2026 (timely filing).
• Transactions: 5,219 shares acquired by conversion/exercise (code M) at $0.00; 3,250 and 1,969 shares disposed (both $0.00, labeled derivative).
• Price/value: Reported price $0.00 per share (these were award conversions, not open-market trades); no cash paid or received per report.
• Footnotes: F6 notes PSUs convert 1:1 to common shares; F7 states 2020 PSUs vested on March 5, 2026; F8 notes one‑third of 2025 PSUs vested March 5, 2026. Other footnotes list holdings (e.g., 40,000 shares held jointly with spouse (F1), 10,000 in an irrevocable trust (F2), 22,500 in an IRA (F3), 25,945 individually (F4), and 3,000 restricted shares (F5)).
• Implication: The matching acquisition and disposals are consistent with shares being withheld or surrendered to satisfy tax withholding or similar obligations (common for vested awards).

Context
Code M on Form 4 denotes exercise or conversion of a derivative — here, PSUs converting into common shares. These transactions are routine award vesting and tax-settlement activity and do not indicate an open-market purchase or sale of stock by the officer.