CHING DAVID T 4

What Happened

• Director David T. Ching received multiple deferred-share awards and completed a conversion/exercise on June 9, 2026. Transactions show acquisitions of 2,858.87 shares (802.00; 636.87; 681.01; 636.87; 102.12) at $0.00 and a simultaneous disposition of 802.00 shares at $0.00, for a net increase of 2,056.87 shares. No cash was paid on these entries — they reflect director awards and conversions under the company’s Stock Incentive Plan.
• Footnotes indicate these are annual and additional deferred-share awards (some with grant-date fair value of $105,000) and include dividend-equivalent shares. Vesting/delivery occurs on specified post-vesting or board-departure dates per the plan.

Key Details

• Transaction date: June 9, 2026. Form 4 filed June 11, 2026 (timely).
• Transactions: multiple Awards/Grants (code A) and Exercise/Conversion of derivative (code M). Reported prices: $0.00 (no cash purchase).
• Net shares acquired: 2,056.87 shares (2,858.87 acquired less 802.00 disposed).
• Grant-date fair value: certain awards cited at $105,000 each (see footnotes F2 and F4). Some shares represent dividend-equivalent awards (F1, F3, F5).
• Shares owned after transaction: not provided in the supplied details.

Context

• These are director compensation awards (deferred shares), not open-market purchases or sales — they typically reflect standard board compensation and delivery/vesting rules rather than a market bet.
• The 802-share conversion and immediate disposition noted in footnote F1 reflects receipt and corresponding disposition in accordance with the plan (not a typical cash sale).
• For retail investors: such awards are routine director compensation; purchases/sales by insiders can signal intent, but deferred-plan awards primarily reflect pay mechanics rather than trading decisions.