Qureshi Fawwad 4

What Happened
CFO Fawwad Qureshi had multiple restricted stock units (RSUs) convert into common stock (exercise/conversion, code M) on May 22 and May 25, 2026 — a total of 13,744 shares converted. The issuer withheld ~5,486 of those shares to satisfy income tax withholding (code F), valued at roughly $120,403. Separately, Qureshi sold 6,177 shares in open-market trades on May 27, 2026 (code S) for total proceeds of approximately $137,016 (6,007 shares at a weighted $22.17 and 170 shares at $22.63).

Key Details

• Transaction dates: conversions on 2026-05-22 and 2026-05-25; open-market sales on 2026-05-27.
• Sale prices/values: 6,007 shares @ $22.17 (weighted avg) = $133,170; 170 shares @ $22.63 = $3,846; total ≈ $137,016. Footnote notes sales occurred across $21.50–$22.50 per share (weighted avg reported).
• Tax withholding: ~5,486 shares withheld to cover tax obligations (codes F); withholding proceeds shown ≈ $120,403. Footnote F2 clarifies these withheld shares are not a sale by the reporting person.
• RSU details: multiple grant schedules disclosed (footnotes F5–F8); RSUs convert one-for-one to common stock (F1). Total RSUs converted here = 13,744 shares.
• Plan/authorization: the May 27 sales were executed under a Rule 10b5‑1 plan adopted May 19, 2025 (F3), meaning timing was pre-set and not at the officer’s discretion.
• Shares owned after transactions: not specified in the filing.
• Filing: Form 4 filed May 27, 2026 (appears timely based on reported trade dates and business-day reporting rules).

Context
These transactions reflect routine RSU vesting with shares withheld for taxes and a pre-established 10b5‑1 sale for diversification. Conversions of RSUs (derivative conversions) are not option purchases — they are award vestings that produced common shares; withheld shares to cover taxes are common and are not treated as voluntary open-market sales. The 10b5‑1 plan note indicates the sales were automated under a pre-set plan, not discretionary trades by the CFO.