Hain Robert C 4

What Happened
Director Robert C. Hain elected on May 21, 2026 to convert 1,900 vested units of phantom stock (each unit equals one Armour common share). He converted 950 units into 950 shares of Armour common stock (acquired at $0 exercise price) and elected to convert the remaining 950 units into cash to satisfy income tax withholding. The cash conversion equaled 950 shares × $16.47 per share = $15,646. The phantom units were then extinguished.

Key Details

• Transaction date: May 21, 2026. Filing date: May 26, 2026 (filed late relative to the typical 2-business-day Form 4 deadline).
• Codes: M = exercise/conversion of derivative (phantom stock); F = tax withholding (shares converted to cash).
• Shares converted to stock: 950 shares acquired at $0 exercise price.
• Shares converted to cash for taxes: 950 units → $15,646 (950 × $16.47).
• The 1,900 units were part of phantom stock vesting over five-year periods (previously reported on Form 4 filings on Feb 14, 2023 and Dec 18, 2025).
• Shares owned after the transaction: Not specified in the filing.

Context
Phantom stock is a cash- or share-settled award that mirrors the economic value of actual shares. Here the conversion was effectively a cashless settlement for tax withholding (part cash, part shares): half the vested units became actual shares, and half were surrendered for taxes. These kinds of filings typically reflect routine compensation vesting rather than open-market trading.