LEONARD THOMAS C 4

What Happened
Thomas C. Leonard, a director of Kadant Inc. (KAI), received 128 shares on July 4, 2026 due to partial vesting and delivery of a restricted stock unit (RSU) award. The Form 4 shows an acquisition of 128 shares (derivative conversion) and a corresponding disposition of 128 shares reported at $0.00 — entries reflecting the RSU-to-share conversion/delivery under the award agreement dated March 11, 2026. No cash value was reported for the disposition.

Key Details

• Transaction date: July 4, 2026; Form 4 filed July 6, 2026.
• Reported entries: 128 shares acquired (derivative conversion) and 128 shares disposed at $0.00.
• Purchase/sale value: Disposition reported at $0.00 (no cash proceeds reported).
• Shares owned after transaction: Not provided in the information supplied.
• Footnote: Partial vesting and delivery of RSUs on July 4, 2026; remaining shares vest in equal installments on the last day of each of the issuer’s fiscal quarters in 2026, subject to continued service as a director.
• Timeliness: Filing appears timely (filed 2 days after the reported transaction).

Context
This transaction reflects RSU vesting and conversion to common shares rather than an open-market purchase or sale. The matching acquisition/disposition entries at $0 are technical reporting of the RSU delivery/conversion under the award agreement. Such award vesting is routine compensation for directors and does not by itself indicate a buy or sell decision in the market.