Cuddy Christopher M 4

What Happened

• Christopher M. Cuddy, Senior Vice President of Archer-Daniels-Midland Co. (ADM), had 14,331 performance share units (PSUs) settle into shares on Feb 4, 2026 (award). To satisfy tax withholding obligations, 1,581 and 4,850 shares were surrendered on Feb 9, 2026 at $66.33 each, generating proceeds offsetting tax liabilities of $104,868 and $321,701 (total ~$426,569). The PSUs were granted/settled (no cash purchase price).

Key Details

• Transaction dates and prices:
  • 2026-02-04: PSUs vested/settled into 14,331 shares (award; $0 per Form 4 entry).
  • 2026-02-09: 1,581 shares surrendered at $66.33 (value $104,868) – tax withholding.
  • 2026-02-09: 4,850 shares surrendered at $66.33 (value $321,701) – tax withholding.
• Net retained from this settlement: 14,331 granted − 6,431 withheld = 7,900 shares retained from the award (does not include any prior holdings).
• Footnote F1: these were performance share units certified as earned by ADM’s compensation committee; each unit converts to one share at settlement.
• Footnote F2: plan statement dated Feb 9, 2026 references other acquisitions under an employee benefit plan between Mar 19, 2025 and Feb 9, 2026.
• Timeliness: Form 4 was filed on Feb 10, 2026. The Feb 4 award should have been reported within two business days (likely late); the Feb 9 withholding transactions were reported within the filing date window.

Context

• This was a settlement of earned performance awards, not an open-market purchase or voluntary sale for profit. The disposals were tax-withholding share surrender (code F), a common administrative step when equity awards vest and taxes are due.
• For retail investors, award settlements and related share withholdings typically reflect routine compensation mechanics rather than directional insider trading signals.