BORGES FRANCISCO L 4

What Happened

Francisco L. Borges, a director of Assured Guaranty Ltd. (AGO), had 1,277 shares withheld on 2026-04-30 to cover a tax liability related to an equity transaction (withheld at $81.90 per share for a value of $104,586). On 2026-05-01 he was also granted 5,934 restricted common shares (reported acquisition at $0.00, value $0).

The withholding is a disposition (code F) executed to satisfy tax obligations and is typically routine. The 5,934-share grant (code A) is a restricted stock award issued as part of the company’s director compensation.

Key Details

• Transactions:
  • 2026-04-30: 1,277 shares withheld to pay taxes, 1,277 @ $81.90 = $104,586 (Disposition; code F)
  • 2026-05-01: 5,934 restricted shares awarded, 5,934 @ $0.00 = $0 (Acquisition; code A)
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes:
  • F1: Common shares were withheld to pay the tax liability.
  • F2: The 5,934 restricted shares were awarded to non-management directors as the annual retainer under the Assured Guaranty Ltd. 2024 Long Term Incentive Plan; they become non-forfeitable the day immediately prior to the 2027 annual shareholders meeting.
• Filing timeliness: Form filed 2026-05-04; based on the transaction dates (4/30 and 5/1) this filing appears to be timely.

Context

• Tax-withholding dispositions are common when equity awards vest or are exercised and do not necessarily indicate a change in the insider’s view of the company.
• The 5,934-share grant is restricted stock (not an open-market purchase) and remains subject to forfeiture until it becomes non-forfeitable just before the 2027 annual meeting, per the plan terms.
• These transactions involve a non-management director, not a 10% owner or executive exercising market-timing trades; such awards are routine director compensation.