Reed Michael 4

What Happened
Reed Michael, CEO of USA TODAY Co., had 139,481 shares withheld to cover tax withholding obligations tied to the vesting of restricted stock units (RSUs). The shares were valued at $6.70 each for a total value of approximately $934,523. This was a withholding-for-taxes transaction (code F), not an open-market sell.

Key Details

• Transaction date: 2026-03-24; Filing date: 2026-03-25 (timely filing).
• Shares withheld/disposed: 139,481 at $6.70 per share; total value ≈ $934,523.
• Transaction code: F — shares withheld to satisfy tax withholding on RSU vesting.
• Footnotes: RSUs represent contingent rights to one share each; vesting is on a three-year schedule beginning Aug 2025 (one-third each year).
• Shares owned after the transaction: not specified in the filing.

Context
Withholding shares to cover taxes on vested RSUs is routine and does not necessarily signal a decision to reduce exposure to the company; it’s an administrative, tax-related disposition rather than a discretionary sale. For retail investors, outright purchases by insiders tend to be more informative than tax-withhold transactions.