Malik Muhammad Shahbaz 4

What Happened

• Malik Muhammad Shahbaz, Senior Vice President (BAS) of FULLER H B Co. (FUL), exercised stock derivatives on Jan 24, 2026 and received a small award.
• Transactions reported: exercised/conversion of derivatives for 1,337 shares (valued $80,314) and 591 shares (valued $35,874), plus a grant/award of 52 shares (valued $3,124). Gross value of shares issued ≈ $119,312.
• To cover exercise price and tax liabilities, a total of 703 shares were withheld/disposed (210 and 493 shares; cash value reported $12,615 and $29,615 respectively). After withholding, the net shares added to his holdings were about 1,277 (1,980 issued − 703 withheld).
• The filing also shows the related derivative instruments were converted (i.e., the options were exercised).

Key Details

• Transaction date: January 24, 2026; Form 4 filed January 27, 2026.
• Prices/values shown: 1,337 shares @ $60.07 ($80,314); 591 shares @ $60.70 ($35,874); 52 shares @ $60.07 ($3,124). Tax/withholding dispositions totaled $42,230.
• Net shares received (after withholding for taxes/exercise): ≈1,277 shares.
• Relevant footnotes: F2 = shares withheld for taxes on 591 shares issued; F3 = shares withheld for taxes on 1,389 shares issued (1,337 + 52). These indicate the withholding was used to satisfy tax/exercise obligations.
• The filing does not show an open-market sale; shares were withheld as part of the exercise (a cashless/withholding mechanism, not a market sale).
• Filing date: Form 4 filed Jan 27 reporting Jan 24 transactions. No late-filing flag provided in the supplied data.

Context

• For retail investors: this is primarily an option exercise/award and routine tax withholding, not an open-market sale that signals immediate monetization. The key takeaway is the insider increased his stake (net ≈1,277 shares) via exercising options and receiving RSUs, with portions withheld to cover taxes and exercise costs.
• Derivative entries on Form 4 reflect conversion of option instruments into shares (standard for exercises) — not necessarily separate sales.