PADEN FRANK L 4

What Happened

• Director Frank L. Paden had restricted stock units (RSUs) settle into shares on 2026-06-30 and received an RSU grant on 2026-07-01. The filing shows 801 RSU units settled into 801 shares on 6/30 (the filing also reports a simultaneous disposition of 801 derivative shares). On 7/01 he was granted 199 RSUs at $0.00 (no cash paid). No cash purchase or open-market sale is reported — these are compensation-related equity events rather than a buy or sell for investment.

Key Details

• Transaction dates and codes:
  • 2026-06-30: Exercise/conversion of derivative (code M) — 801 shares acquired (RSU settlement) and 801 shares disposed (derivative disposition per Form 4).
  • 2026-07-01: Grant/award (code A) — 199 RSUs granted at $0.00.
• Prices/values: RSU grant recorded at $0.00; no dollar proceeds shown for the settlement/disposition in the filing.
• Shares owned after the transactions: Not disclosed in the provided filing excerpt.
• Footnotes of note:
  • F1: Each RSU converts to one share; the 6/30/2026 transaction represents scheduled RSU settlement on vesting date.
  • F2: Holdings may include shares from a dividend reinvestment plan.
  • F3: The 199 RSUs will vest in October 2026 subject to board attendance and continued service.
  • F4: Each restricted stock award is the economic equivalent of one common share.
• Filing timing: Report filed 2026-07-02 for transactions on 6/30 and 7/01; appears to be a routine Form 4 reporting of compensation/settlement activity.

Context

• These transactions reflect compensation and RSU administration (settlement, withholding/disposition, and additional grant) typical for board members, not an open-market buy or sale that signals trading sentiment. The 801-share disposition reported alongside the RSU settlement is commonly used to cover tax withholding or similar administrative needs, while the 199-share grant is a future-vesting award contingent on attendance.