Duclos David B. 4

What Happened
David B. Duclos, a director of RLI Corp (RLI), had multiple non‑cash equity transactions in mid‑May 2026. On 2026-05-13 the filing shows the exercise/conversion of derivatives for 2,353 shares (reported at $0) and a separate 135‑share acquisition (reported at $0). On 2026-05-14 he was granted 3,508 restricted stock units (RSUs) (reported at $0). All items are reported as acquisitions/awards (no cash purchase or sale value reported).

Key Details

• Transaction dates and codes:
  • 2026-05-13: M (exercise/conversion of derivative) — 2,353 shares acquired @ $0; also M — 2,353 shares listed as disposed (derivative) in the same filing line.
  • 2026-05-13: J (other acquisition) — 135 shares acquired @ $0 (likely dividend equivalents).
  • 2026-05-14: A (grant/award) — 3,508 RSUs granted @ $0 (derivative award).
• Reported dollar consideration: $0 for all reported items (typical for vesting or conversion of awards rather than open‑market cash purchases).
• Shares owned after the transactions: not specified in the provided summary of the filing.
• Filing/period: Form 4 filed 2026-05-15; period of report begins 2026-05-13 — filing appears timely (no late filing flag shown).
• Relevant footnotes from the filing:
  • F1/F4: Some shares were acquired on vesting of RSUs and on vesting of accrued special/regular dividend equivalents.
  • F2: Option grant and counts were adjusted for a 2-for-1 stock split on 01/15/25.
  • F3: Ownership figures (where reported) reflect dividend reinvestment.
  • F5/F6: Certain RSUs are scheduled to vest 100% on the earlier of the next annual shareholders’ meeting or one year after grant (applicable vesting schedules noted in filing).

Context

• Code M indicates exercise or conversion of a derivative (e.g., option or similar instrument); Code A is a grant/award (RSUs); Code J commonly reflects non‑cash acquisitions such as dividend equivalents.
• These entries are acquisitions/awards (not open‑market purchases or sales). Such filings typically reflect compensation or vesting events rather than trading for investment reasons and do not by themselves indicate bullish or bearish intent.