LAU JOANNA T 4

What Happened

• Joanna T. Lau, a Director of Designer Brands, was granted 1,413 stock units on July 8, 2026. The Form 4 lists the acquisition price as $0.00 — this was an award of derivative units, not a cash purchase or sale. The reported transaction type is an award/grant (code A) and the units represent contingent rights to underlying Class A common shares and include accrued dividend equivalents.

Key Details

• Transaction date: 2026-07-08; Form 4 filed: 2026-07-10 (appears timely).
• Price: $0.00 per unit; total cash outlay reported: $0.
• Securities acquired: 1,413 stock units (derivative units convertible to Class A common stock).
• Shares owned after transaction: Not reported in the filing.
• Notable footnotes: units represent contingent rights to one share each (F1); include dividend equivalent rights from a special dividend (F2, F4); units vested on grant but convert to shares only upon the insider’s termination of board service (F3).

Context

• These were award-type, derivative units rather than an open-market purchase or sale. The units vest immediately per the filing but are structured to convert into actual shares only when the director leaves the board, so they do not currently increase voting shares outstanding. Awards and dividend-equivalent grants are commonly part of director compensation and do not by themselves indicate buy/sell sentiment.