ARMSTRONG WILLIAM H III 4

What Happened
William H. Armstrong III — Chair of the Board, President, CEO and Director of Stratus Properties (STRS) — was granted two stock-settled Restricted Stock Unit (RSU) awards on 2026-02-19 totaling 32,226 RSUs (16,588 RSUs and 15,638 RSUs). Both grants had a $0 acquisition price (awards, not purchases) and therefore no cash value at grant is reported. The grants were approved by the Issuer’s Compensation Committee on February 19, 2026.

Key Details

• Transaction date: 2026-02-19; Form 4 filed: 2026-02-23 (timely).
• Grants: 16,588 RSUs (F1) and 15,638 RSUs (F2); acquisition price $0.00 for each. Total new RSUs = 32,226.
• Shares beneficially owned after transaction: includes 40,191 RSUs (per filing, F3).
• Vesting: F1 grant vests in three equal annual installments on Feb 19, 2027 and the next two anniversaries (service condition). F2 grant vests in one installment on Feb 19, 2027 (service condition).
• Notes: Grants are compensation awards (code A). Approved by the Compensation Committee; no immediate sale or cashless exercise reported.

Context
These RSUs are compensation awards, not open-market purchases or sales — they reflect expected future equity compensation contingent on service until each vesting date. For retail investors, awards increase insider stake over time but do not represent a current cash investment by the insider.