Pierce Sandra E. 4

What Happened
Sandra E. Pierce, a director of Penske Automotive Group, was awarded 105 derivative units (reported as an "A" — award/grant) on March 5, 2026. The filing lists these as derivative (not immediate common shares); price is listed as not applicable. Per the filing footnotes, the units convert one-for-one to shares and become exercisable beginning when Pierce separates from service on the Company's Board of Directors.

Key Details

• Transaction date: 2026-03-05; Form 4 filed: 2026-03-09 (timely filed within required reporting window).
• Transaction type/code: A = Award/Grant (derivative units).
• Amount: 105 units (convertible one-for-one to common shares).
• Price/Value: Price not applicable / not reported in the filing.
• Shares owned after transaction: Not specified in the supplied filing excerpt.
• Relevant footnotes: F1 = one-for-one conversion; F2 = exercisable upon separation from Board service; F4 = price not relevant.

Context
This was a compensation/award grant (deferred/contingent units), not a market purchase or sale. Such awards are common for directors and are generally tied to service/retention and do not by themselves indicate a buy or sell signal about the company. Because these are derivative units that convert upon separation from the board, they typically do not represent immediate transferable common shares.