GRAY PETER L 4

What Happened

• Peter L. Gray (Pres LE Licensing, CAO & GC) was granted 32,577 restricted stock units (RSUs) on 2026-03-23. On 2026-03-24, 6,822 RSUs vested/converted into shares (no cash exercise price). Of the shares resulting from vesting/conversion, 2,336 shares were withheld by the issuer to satisfy tax withholding obligations, generating proceeds of $29,340. The filing shows conversion/exercise entries (code M) and a withholding/disposition entry (code F).

Key Details

• Transaction dates and prices:
  • 2026-03-23: Grant of 32,577 RSUs (code A), exercise price $0.00 (RSU award).
  • 2026-03-24: Conversion/exercise of 6,822 RSUs into shares (code M), $0.00 exercise price.
  • 2026-03-24: Shares withheld for taxes: 2,336 shares disposed (code F) at $12.56 each, total $29,340.
• Shares owned after transaction: Not specified in the provided filing.
• Relevant footnotes:
  • F1: Each RSU converts into one common share upon vesting.
  • F2: The 2,336-share disposition reflects issuer withholding to satisfy tax obligations.
  • F3–F5: These RSUs are time‑based and vest in scheduled installments across 2026–2029 (see footnotes for specific vesting dates and amounts).
• Filing timeliness: Report filed 2026-03-25 for transactions on 2026-03-23–03-24; appears to be filed within the usual Form 4 timeframe (no late filing indicated).

Context

• These transactions are largely award/vesting and routine tax withholding rather than an open-market sale or purchase. RSUs convert to shares at $0 exercise price (typical for RSUs); withholding of shares to cover taxes is common and does not necessarily signal a sentiment to buy or sell additional stock.
• Transaction codes: A = award/grant, M = exercise/conversion of derivative/RSU, F = shares withheld for tax withholding.