Lambert Louis 4

What Happened
Lambert Louis, SVP, General Counsel & Secretary of APi Group (APG), converted/settled equity awards and disposed of shares to cover taxes and via an open-market sale. On Feb 24, 2026 he had equity settled that resulted in acquisitions (reported as conversion/grants of various PSUs/RSUs) and 30,882 shares were withheld to cover tax liability (payment value reported $1,389,381). On Feb 26, 2026 he sold 22,000 shares in the open market at a weighted average around $44.71 for proceeds of about $983,620. Combined disposals reported equal roughly $2.37 million. Several additional award grants and PSU disclosures were reported the same day.

Key Details

• Primary dates: Feb 24, 2026 (award settlement / tax withholding) and Feb 26, 2026 (open-market sale).
• Sales / disposals reported:
  • 30,882 shares withheld for tax liability on 2/24 @ $44.99 = $1,389,381 (code F; tax withholding).
  • 22,000 shares sold in open market on 2/26 @ weighted avg $44.71 = $983,620 (code S). Price range for the sale: $44.58–$44.875 per share (footnote F3).
• Award/conversion activity on 2/24 included multiple PSU/RSU items (codes M and A): e.g., 62,511 shares acquired (conversion/settlement), plus grants of 15,864 and 10,576 RSU/PSU (reported at $0 exercise price because they are awards/derivatives).
• Footnotes of note:
  • F1: Shares acquired from settlement of 2023 PSUs; payout increased based on performance.
  • F2: Shares withheld to satisfy tax withholding.
  • F3: Sale price range and weighted-average reporting; reporter can provide per-price breakdown on request.
  • Additional footnotes disclose other PSU/RSU grants (2024–2026 PSUs) and vesting schedules — many of these are voluntarily reported and/or subject to future performance/vesting.
• Shares owned after these transactions: not specified in the Form 4 text provided.
• Filing timeliness: Form filed Feb 26, 2026 for transactions on Feb 24–26; this appears timely (Form 4 is generally due within two business days).

Context

• This was primarily an award settlement plus routine tax withholding and a subsequent open-market sale — a common pattern when equity awards vest/settle and shares are withheld to pay taxes (a cashless/withholding-like transaction), followed by a partial sale.
• Transaction codes: M = exercise/conversion of derivative (awards), F = payment of exercise price or tax liability (share withholding), S = open-market sale, A = grant/award.
• These entries reflect compensation-related equity activity rather than an independent buy signal; no purchase (P) was reported.