Smith Michael S 4

What Happened

• Michael S. Smith, a director of Teladoc Health, received a grant of 53,648 restricted stock units (RSUs) on 2026-02-18. The Form 4 reports the acquisition as a derivative award at $0.00 per unit (transaction code A), which is common for RSU grants because the units convert to shares only upon vesting.

Key Details

• Transaction date: 2026-02-18; Form 4 filed: 2026-02-19 (appears timely).
• Grant: 53,648 RSUs; reported acquisition price: $0.00 (derivative award).
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 — each RSU equals a contingent right to one share of TDOC common stock; F2 — vesting: one-third on the first anniversary of the grant, remainder vesting in eight substantially equal quarterly installments thereafter (i.e., roughly a three-year vesting schedule).
• No 10b5-1 plan, tax-withholding sale, or immediate cashless sale reported in this filing.

Context

• RSU grants are a form of equity compensation; they do not represent immediately transferable shares and typically convert to common stock only as they vest. Such awards are common for executives and directors and are compensation-related rather than direct open-market purchases or sales, so they are not an immediate indicator of trading sentiment.