Payson Norman 4

What Happened
Norman Payson, a director of Progyny, received multiple equity awards on May 21, 2026. The Form 4 reports: 5,660 restricted stock units (RSUs) (no purchase price), 3,203 derivative shares recorded at $12.49 each (total value $40,005), and 27,119 derivative shares/units (no purchase price). These were grants/awards (not open-market purchases or sales) and appear to be compensation for board service.

Key Details

• Transaction date: 2026-05-21; Form 4 filed 2026-05-26 (covers the 5/21 grants).
• Reported items:
  • 5,660 RSUs (F1) — each RSU converts to one share upon vesting.
  • 3,203 derivative units reported at $12.49 each, total $40,005 (F4 indicates an option issued in lieu of a $39,990 cash retainer).
  • 27,119 derivative units (F5).
• Vesting: RSUs and the option(s) vest on the earlier of (i) May 21, 2027 or (ii) the calendar day immediately before the issuer’s first annual meeting after the grant, subject to continued service (F1, F4, F5).
• Holdings: Some reportable securities are held by trusts or entities (The Norman C. and Melinda B. Payson Revocable Trust and EVO Eagle, LLC) where Payson has or shares voting/dispositive power (F2, F3).
• Shares owned after the transaction: not specified in the data provided.
• Filing timeliness: Form 4 was filed five days after the grants (5/26 for 5/21); this is the date shown on the filing.

Context

• These transactions are awards/grants (compensation), not purchases or sales. RSUs are contingent rights to receive shares at vesting; options (or option-like awards) issued in lieu of a cash retainer will vest later and do not represent immediately tradable shares.
• Such grants are routine for director compensation and do not by themselves indicate insider buying or selling sentiment. Watch the vesting dates and any subsequent Form 4s for potential future sales if shares become vested and are disposed.