Brien Nicolas 4

What Happened

Brien Nicolas, CEO and director of OUTFRONT Media (OUT), had restricted share units and derivative interests settle/convert on February 20, 2026. The filing reports acquisitions of shares via awards and exercise/conversion of derivatives (72,740 shares and additional awards totaling 49,207 shares shown as acquired at $0.00). To cover tax liabilities, 33,164 shares were surrendered/withheld (Disposition code F) at the NYSE closing price that day ($26.16), a value of about $867,570. The transactions involve award/settlement activity rather than an open-market sale or purchase.

Key Details

• Transaction date: February 20, 2026; Form 4 filed February 24, 2026 (appears filed 4 days after the transactions; Form 4s are generally due within 2 business days).
• Reported actions and codes:
  • M (exercise/conversion of derivative): 72,740 shares acquired (reported at $0.00)
  • A (grant/award): 3,336 shares acquired (at $0.00)
  • A (derivative/RSU): 45,871 shares acquired (at $0.00)
  • F (tax withholding): 33,164 shares disposed at $26.16 = $867,570
• Closing price on 2/20/2026 used for the tax-withholding value: $26.16 (footnote F3).
• Footnotes: F1 = RSUs settled into shares at vesting; F2 = includes dividend equivalents settled into shares; F4 = some RSUs vest in three equal annual installments starting 2/20/2027; F5 = some RSUs vested in full on 2/20/2026.
• Shares owned after the transactions: not specified in the supplied summary of the filing.

Context

These transactions are largely settlement of compensation awards and conversion of derivative awards, with a portion of shares withheld to satisfy tax withholding — a routine administrative disposition, not an open-market sale. For retail investors, award vesting and option exercises show management receiving equity but do not necessarily signal buying or selling sentiment. Note the filing date suggests a delay relative to the typical 2-business-day Form 4 deadline, which can affect timely transparency.