COVEY MICHAEL J 4

What Happened
Michael J. Covey, a director of Rayonier Inc. (RYN), was granted 6,811 restricted shares on May 15, 2026 as compensation for board service. The shares were valued at $19.82 each, for a total grant value of $134,994. The transaction is reported as an award/acquisition (code A) rather than an open-market purchase.

Key Details

• Transaction date: 2026-05-15; filing date (Form 4): 2026-05-19 (filed within the 2-business-day deadline).
• Price per share: $19.82; total value: $134,994.
• Transaction type: Restricted stock grant (compensation for board service).
• Vesting/transfer restrictions (footnote F1): Award vests immediately but is restricted from transfer until the earlier of four years from grant or six months after the director leaves the board.
• Dividend equivalent units (F2): Includes 233.6 DEUs acquired since the last report; DEUs vest/pay with the underlying award and are subject to any deferral election.
• Shares owned after transaction: Not specified in the provided filing.

Context
This was a compensation award to a board member (typical for non-employee directors) rather than a market buy or sale. Restricted stock grants increase an insider's holdings but are subject to transfer and payout conditions, so they don't necessarily signal immediate buying or selling intent.