Singh Rajinder P 4

What Happened

• Rajinder P. Singh (President, CEO and Chairman) had performance and restricted share units convert into 189,876 common shares and those shares were disposed to the issuer on 2026-03-09. The disposition was reported at $44.76 per share for a total of $8,498,850. The filing shows two conversion (derivative) entries totaling 189,876 shares acquired at $0.00 (representing vested awards) and corresponding disposition entries for the same amounts.

Key Details

• Transaction date: 2026-03-09; filing date: 2026-03-11.
• Conversion/exercise: 125,012 performance-share units + 64,864 restricted-share units converted (acquired) at $0.00.
• Disposition: 189,876 shares disposed to issuer at $44.76/share totaling $8,498,850.
• Shares owned after transaction: not disclosed in this Form 4.
• Relevant footnotes:
  • F1/F2: PSUs and RSUs represent rights to receive one share or cash equal to share value at settlement.
  • F3: 125,012 performance share units vested on December 31, 2025.
  • F4: Breakdown of RSU vesting (31,952 vested 12/31/2025 under 2014 plan; 32,912 vested 12/31/2025 under 2023 plan; remaining RSUs vest in 2026–2027).
• Filing timeliness: reported two days after the transaction date; the Form 4 does not indicate a late filing flag.

Context

• The filing documents conversion of vested equity awards (PSUs/RSUs) and an immediate disposition to the issuer the same day. Such same-day conversions and dispositions commonly reflect settlement of vested awards or share withholding/cash settlement for tax and payroll obligations rather than an open-market sale, but the Form 4 itself reports the transaction facts without stating the specific reason.