Horgan Brendan 4

What Happened

• Brendan Horgan, CEO of Sunbelt Rentals Holdings, Inc., had 12,890 deferred stock units (DSUs) cash-settled on July 10, 2026. The filing reports the disposition of 12,890 derivative units (transaction code J); no shares of common stock were issued upon settlement.
• Per the filing footnote, the settlement value was $76.53 per unit (the issuer’s closing price on April 30, 2026), producing a cash payment of $12,890 × $76.53 = $986,471.70.

Key Details

• Transaction date: 2026-07-10 (reported same day; filing appears timely).
• Transaction type/code: Other acquisition/disposition (J) — cash settlement of deferred stock units (derivative disposition).
• Price/value: $76.53 per unit; total cash value ≈ $986,471.70.
• Shares issued after transaction: No common shares were issued on settlement. Beneficial ownership after the transaction is not specified in the provided filing.
• Footnote: Settlement made pursuant to the Issuer’s 2017 Deferred Bonus Plan; cash paid in lieu of issuing shares.

Context

• This was a cash settlement of deferred compensation (DSUs), not an open-market sale of company stock. Such settlements are routine compensation events and do not by themselves indicate the insider is selling underlying shares in the market.
• For retail investors, note the difference: purchases or open-market sales of shares can signal direct market sentiment, while cash settlements of deferred awards primarily reflect compensation plan mechanics.