Cesarone Nando 4

What Happened

• Nando Cesarone, President, U.S. Operations of United Parcel Service (UPS), had 3,551.581 restricted stock units (RSUs) convert into shares on May 15, 2026. The RSUs converted one-for-one for no cash consideration (reported as derivative conversion, code M).
• To satisfy tax withholding (code F), 1,582 shares were withheld at a reported value of $100.78 per share, totaling $159,434. Net shares credited to Cesarone from this vesting were 1,969.581 shares (3,551.581 vested − 1,582 withheld).

Key Details

• Transaction date: 2026-05-15 (filing date: 2026-05-15 — timely).
• Vesting/Conversion: 3,551.581 RSU-derived shares reported as acquired (code M) at $0.00 per share.
• Tax withholding: 1,582 shares surrendered (code F) at $100.78 → $159,434 withheld to cover tax liability.
• Net new shares from this vesting: 1,969.581.
• Shares owned after transaction: not explicitly stated in the filing. Footnote: the reported holdings include 341.4457 shares held in the reporting person's 401(k) account (F1).
• Additional footnotes: RSUs convert one-for-one for no cash (F2); these RSUs vest over three years (25% May 2026, 25% May 2027, 50% May 2028) and this filing reflects the first tranche (F3). Units include dividend-equivalent units (F4).

Context

• This was an RSU vesting event, not an open-market purchase or sale. The withholding of shares to cover taxes is a common net-settlement practice and does not necessarily indicate a change in the insider’s sentiment about the stock.
• For retail investors, awards vesting increases the insider’s issued shares but the withholding reduces the net addition; purchases are generally a stronger bullish signal than routine vesting events.