CARLEY THOMAS J 4

What Happened
Carley Thomas, a director of Barrett Business Services, reported activity on July 1, 2026 that involves conversion/exercise of derivative instruments and an equity award. The filing shows an exercise/conversion (code M) of 2,344 derivative units acquired at $0 and a matched disposal of 2,344 derivative units at $0 (i.e., a conversion/settlement of a derivative position). In the same reporting period Thomas was granted 2,782 Restricted Stock Units (RSUs) at $0. No cash amounts are shown for these transactions.

Key Details

• Transaction date: July 1, 2026; Form 4 filed July 2, 2026 (appears promptly filed).
• Derivative exercise/conversion: 2,344 units acquired at $0; 2,344 derivative units disposed at $0.
• Grant/award: 2,782 RSUs granted at $0.
• Shares owned after the transactions: not specified in the provided filing details.
• Footnotes: F1 — each RSU equals a contingent right to one share; F2 — RSUs vest in one installment on July 1, 2026 and will be settled by delivery of unrestricted common shares on the vesting date; F3 — a separate RSU tranche (if applicable) vests July 1, 2027.
• No tax‑withholding sale, open‑market purchase, or 10b5‑1 plan is indicated in the supplied notes.

Context
RSUs are equity awards that convert into shares upon vesting; F2 indicates the RSUs tied to this grant vest and will be settled by delivery of unrestricted shares on July 1, 2026. The paired exercise/conversion and disposal of 2,344 derivative units at $0 reflects a conversion/settlement of a derivative instrument rather than an open‑market purchase or a cash sale. These filings are factual disclosures of insider activity and do not by themselves indicate the director’s motives.