Marcus & Millichap (MMI) CFO Steven DeGennaro Converts RSUs; Shares Withheld

What Happened

• Steven F. DeGennaro, EVP and CFO of Marcus & Millichap (MMI), had restricted stock units converted/exercised on August 10, 2026. The filing shows two conversion/exercise entries of 1,500 shares each (derivative conversions) and a separate tax-withholding entry of 761 shares withheld at $30.67 per share, totaling $23,340. After withholding, the transaction resulted in a net receipt of shares by the insider (see Key Details).

Key Details

• Transaction date: August 10, 2026; Form 4 filed August 12, 2026 (timely).
• Reported entries: two "M" (exercise/conversion of derivative) entries for 1,500 shares each; one "F" (tax withholding) of 761 shares at $30.67/share = $23,340.
• Net shares received (based on reported entries): 3,000 shares converted minus 761 shares withheld = 2,239 net shares added to insider holdings (calculation based on entries in the filing).
• Shares owned after the transaction: not specified in the provided filing details.
• Notable footnotes:
  • F1: Each restricted stock unit (RSU) is a contingent right to one share.
  • F2: 761 shares were withheld by the issuer to satisfy withholding tax, based on the closing price on Aug 10, 2026.
  • F3: Holdings include 880 shares purchased under the Employee Stock Purchase Plan (ESPP).
  • F4: The RSUs vest in five equal annual installments beginning Aug 10, 2021.
• Filing timeliness: Filed within two days of the transaction (appears timely).

Context

• This was a scheduled RSU settlement/conversion and an ordinary tax-withholding (net-share settlement) rather than an open-market purchase or sale. Such transactions are common when RSUs vest; they do not by themselves signal a trading strategy. The derivative-code entries reflect conversion/exercise mechanics of RSUs into common shares and the "F" entry reflects shares withheld to cover taxes.