Steinmeier Richard 4

What Happened

• Richard Steinmeier, CEO of LPL Financial (LPLA), received stock awards on Feb 25, 2026 (total 12,781 shares reported as grants/awards) and had 2,619 shares withheld to satisfy tax withholding obligations at $318.47/share (proceeds ≈ $834,073). The awards include shares issued on vesting of performance stock units (PSUs) and restricted stock units (RSUs).

Key Details

• Transaction date: Feb 25, 2026; Form 4 filed Feb 27, 2026.
• Grants/awards: 2,255 shares (A) and 10,526 shares (A) reported as acquired at $0.00 (awarded).
• Tax withholding: 2,619 shares (F) disposed at $318.47/share for tax payment, total ≈ $834,073.
• PSU performance: PSUs granted Feb 25, 2023 were earned at 81% of target based on relative total shareholder return for the three-year period ending Feb 14, 2026 (footnote).
• RSU vesting: Some RSUs reported will vest ratably on Feb 25 of 2027, 2028 and 2029 (footnote).
• Shares owned after the transactions are not specified in the excerpt provided.
• Signing: Form signed under Power of Attorney dated Dec 17, 2024.

Context

• This was not an open-market sale for cash gain but a tax-withholding disposition tied to PSU/RSU vesting (common “sell-to-cover” practice). PSUs converted to shares at 81% of target; RSUs include future-dated vesting schedules. No indication in the filing of a 10b5-1 plan or late filing beyond the normal two-day Form 4 window.