RHODES KEVIN R 4

What Happened

• Kevin R. Rhodes, Chief Financial Officer of Extreme Networks (EXTR), exercised/converting derivative awards and received a performance RSU grant. The filing shows 11,860 shares from an exercise/conversion and a new performance award of 51,233 shares (certified 06/01/2026). To cover tax withholding, 5,260 shares (at $26.51) and 22,722 shares (at $28.13) were surrendered, representing cash value of $139,443 and $639,170 respectively (total ~$778,613).

Key Details

• Transaction dates: exercises/conversions reported 05/30/2026; award certification and issuance reported 06/01/2026. Form filed 06/02/2026 (timely).
• Reported share movements:
  • 05/30/2026: Exercise/conversion (code M) — 11,860 shares acquired at $0.00.
  • 05/30/2026: Tax withholding (code F) — 5,260 shares withheld @ $26.51 = $139,443.
  • 06/01/2026: Grant/award (code A, performance RSU) — 51,233 shares issued at $0.00.
  • 06/01/2026: Tax withholding (code F) — 22,722 shares withheld @ $28.13 = $639,170.
  • Filing also lists a 05/30/2026 derivative disposition of 11,860 shares (code M) at $0.00 consistent with conversion/settlement reporting.
• Net effect (from this filing): 63,093 shares were listed as acquired (11,860 + 51,233) and 27,982 shares were withheld for taxes (5,260 + 22,722), with withholding cash value totaling ~$778,613.
• Footnotes:
  • F1: Shares withheld to pay applicable income/payroll taxes.
  • F2: 51,233 shares issued under a performance award dated 05/30/2023, certified by the Compensation Committee on 06/01/2026.
  • F3: Time‑based RSU awards vest per original schedule (1/3 after one year, then 1/12 quarterly).
• Shares owned after the transactions are not provided in the excerpt.

Context

• This is primarily an award/option exercise and tax-withholding report, not an open-market sale. The withheld shares are routine and used to cover tax obligations rather than indicating a market sale for investment reasons.
• For derivatives: the filing shows an exercise/conversion (code M). The simultaneous acquisition and disposition entries at $0 often reflect the mechanics of converting derivatives into shares and net-settling withholding obligations.
• No indication in this filing of a 10% owner transaction, gift, or 10b5-1 plan. The filing appears timely based on the reported dates and the 06/02/2026 filing date.