Braun III Francis A 4

What Happened

• Francis A. Braun III, a director of ITG, reported two transactions on 2026-07-02: an award of 7,500 restricted stock units (RSUs) (reported at $0.00) and an open-market/private directed purchase of 1,200 shares at $16.00 each, totaling $19,200. The RSUs are a contingent right to receive shares upon vesting; the purchase was part of a directed share program connected to the issuer's initial public offering (IPO).
• The purchase is a straightforward buy (potentially interpreted as a modest bullish signal), while the RSU grant is a compensation award subject to vesting conditions.

Key Details

• Transaction dates: 2026-07-02 (both items). Form 4 filed 2026-07-07 (appears timely).
• Prices/values: 1,200 shares @ $16.00 = $19,200; 7,500 RSUs reported at $0.00 (award).
• Codes: A = Award/Grant (RSUs); P = Purchase (directed share purchase).
• Vesting (RSUs): RSUs vest in full on the earlier of (i) the day before the first annual meeting after the grant or (ii) the one-year anniversary of the grant, subject to continued service.
• Directed share program: the 1,200-share purchase was made pursuant to the issuer’s directed share program for the IPO.
• Shares owned after the transactions: not specified in the provided filing.

Context

• RSUs are a common form of equity compensation and represent a contingent right to receive stock if vesting conditions are met; they are not immediately tradable shares until vested and delivered.
• Directed share purchases in an IPO are routine and allow insiders to buy shares at the offering; the disclosed purchase here was relatively small ($19.2k).
• Filing appears timely (Form 4 filed within the SEC’s reporting window), so no late-filing implication is indicated.