WALTERS KEITH S 4

What Happened
Keith S. Walters — Chairman, President, CEO and director of Ennis, Inc. — reported exercising/converting 23,176 derivative securities on April 20, 2026. The Form 4 shows an exercise/conversion (transaction code M) at $0.00 per share and lists the disposition as "Disposed" with a reported value of $0. A footnote (F1) clarifies the exercise was cash‑settled, so no shares were issued to Mr. Walters.

Key Details

• Transaction date: 2026-04-20 (Form 4 filed 2026-04-21 — timely filing).
• Type/code: Exercise/conversion of derivative (M).
• Quantity: 23,176 derivative shares reported.
• Price/value reported on form: $0.00 / $0 (footnote F1: cash settlement, no shares issued).
• Shares owned after transaction: not specified in the provided filing summary.
• Notable footnote: F1 — cash settlement; no shares issued to the insider.

Context
A cash‑settled option exercise means the insider received cash rather than actual shares, so this filing does not reflect a buy or sale of Ennis common stock or a change in reported share ownership. Such derivative/cash‑settlement transactions are administrative and do not by themselves indicate management sentiment; investors should watch subsequent filings for any changes in ownership or reported proceeds.