Pape Ryan 4

What Happened

• Ryan Pape, President, CEO and Director of XPEL (XPEL), had 9,174 restricted stock units (RSUs convert to common shares) vest and convert into shares on March 1, 2026. Of those, 2,339 shares were withheld to satisfy tax withholding at $42.62 per share, totaling $99,688. The net result was delivery of 6,835 shares to Pape (9,174 converted − 2,339 withheld).

Key Details

• Transaction date: March 1, 2026; Form 4 filed March 3, 2026 (appears timely).
• Conversion: 9,174 RSUs converted into common shares (reported as exercise/conversion of derivative, Code M).
• Tax withholding: 2,339 shares withheld (Code F) at $42.62/share = $99,688.
• Reported derivative entries: 3,566 and 5,608-share tranches correspond to the 2024 and 2025 RSU grants (see footnotes).
• Shares owned after transaction: Not stated in the filing.
• Footnotes: F1 notes each RSU converts to one share; F2/F3 detail the March 1, 2024 and March 1, 2025 RSU grants and their four-year annual vesting schedule.

Context

• These entries reflect RSU vesting and settlement rather than an open-market buy or voluntary sale. The withholding of shares to cover taxes is routine and does not necessarily indicate a change in insider sentiment. The filing shows a net increase in Pape’s holdings of 6,835 shares after tax withholding.