Morris David Richard 4

What Happened

• Director David R. Morris received 2,602 shares when restricted stock units (RSUs) vested on 2026-01-16. The filing values those shares at $21.56 each, totaling $56,099. To satisfy tax withholding on the vesting, 1,015 shares were surrendered (disposed) at the same per-share value, (≈ $21,883). Net shares retained from this vesting: 1,587 shares (2,602 issued − 1,015 withheld).
• This was not an open-market purchase or voluntary sale — it was the automatic settlement of RSUs into common stock (derivative conversion/vesting with tax withholding).

Key Details

• Transaction date: 2026-01-16; Form 4 filed: 2026-01-21 (appears later than the standard 2-business-day filing window).
• Share details reported: 2,602 shares issued/converted (reported as exercise/conversion of derivative, code M) at $21.56; 1,015 shares disposed for tax withholding (code F) at $21.56; an associated derivative conversion entry shows 2,602 RSU units ceased (reported at $0.00).
• Net new shares retained: 1,587 (calculated from issued minus withheld).
• Shares owned after the transaction: not specified in the filing.
• Footnotes: RSUs will be settled in common stock (clarified on the Form 4). Vesting schedules noted in the filing: RSUs vest in three equal installments beginning one year after grant dates (including the 01/18/2023 grant referenced as the source of these vested shares).

Context

• This was a standard RSU vesting event with a cashless tax-withholding settlement — common for employee and director equity awards and not necessarily an indication of buying or selling intent.
• The filing shows conversion of RSU (derivative) units into common stock and the surrender of shares to cover tax obligations; no open-market sale or additional purchases were reported.