AZNAR JOSE MARIA 4

What Happened
Director Jose Maria Aznar had deferred stock units (DSUs) and related dividend-equivalent DSUs settle for cash on April 8, 2026. The filing shows an acquisition (cash settlement) of 157 DSUs valued at $24.43 each (total ~$3,836) and a disposition of 6 shares to the issuer at $24.43 each (total $147). The report also records conversion/exercise-type entries for 6 shares (derivative) with no price reported (N/A), consistent with DSU settlement mechanics.

Key Details

• Transaction date: April 8, 2026; filing date: April 9, 2026 (filed the next day).
• Cash settlement/acquisition: 157 deferred stock units @ $24.43 = $3,836 (derivative award settled in cash; F1, F2).
• Disposition to issuer: 6 shares @ $24.43 = $147 (reported as a sale/disposition to issuer).
• Dividend equivalents: Some DSUs include dividend equivalents that vested and were paid in cash on April 8 (F3, F5).
• Shares/DSUs held after transaction: aggregate DSU holdings are described in the filing terms but a numeric total after these transactions is not explicitly reported in the summary table (see F4 for payout timing).
• No late-filing indication; filing was submitted the day after the transaction (timely).

Context

• These transactions reflect settlement of deferred stock units (cash-settled equity awards), not an open-market buy or sale. DSUs represent the economic equivalent of shares and here were paid out in cash on a scheduled payout/vesting date.
• The small disposition to the issuer (6 shares) often reflects routine issuer-directed transfers (for example, tax withholding), not necessarily a market-driven sale.
• For retail investors: cash settlements of DSUs are routine compensation events for directors and do not by themselves signal a change in insider conviction about the company.