MCWATERS KIMBERLY J 4

What Happened
Kimberly J. McWaters, a director of Penske Automotive Group, Inc. (PAG), received an award of 534 derivative units on March 5, 2026 (transaction code A — award/grant). The Form 4 shows no per‑unit price or total cash value (price not applicable), indicating this is a compensation award rather than an open‑market purchase or sale.

Key Details

• Transaction date: 2026-03-05
• Transaction type: Award/Grant (A) — 534 derivative units
• Price/value: Not applicable per filing (F4)
• Conversion/ratio: One-for-one (F1) — each unit converts to one share upon settlement
• Exercisability/vesting: Units are exercisable beginning upon the reporting person’s separation from service from the Company’s Board of Directors (F2)
• Shares owned after transaction: Not reported on this Form 4
• Filing timeliness: Report filed 2026-03-09 — within the Form 4 two‑business‑day filing window (timely)
• Other footnotes: F3 marked not applicable

Context
This was a deferred/derivative director compensation award, not an immediate purchase or sale. Such grants are commonly used to compensate board members and typically do not reflect near‑term trading activity or a change in market exposure until the units are exercised or settled.