Norman Jessica K 4

What Happened
Jessica K. Norman (insider) converted 10,574 notional/performance units into restricted common shares on March 20, 2026. Fifty percent of those shares (5,287) vested immediately; 2,689 of the vested shares were withheld to cover tax withholding (valued at $95,406 based on $35.48/share). The remaining 5,287 restricted shares will vest on March 15, 2027, subject to continued employment. The conversion was recorded at $0 exercise price (i.e., restricted shares issued from performance/notional units).

Key Details

• Transaction date: March 20, 2026 (Form 4 filed March 23, 2026; filing appears timely).
• Conversion: 10,574 notional units converted into 10,574 restricted common shares (reported as derivative exercise/conversion, code M) at $0.00.
• Vesting and withholding: 5,287 shares vested immediately; 2,689 shares (withheld) disposed to satisfy tax withholding at $35.48/share = $95,406.
• Remaining vesting: 5,287 restricted shares vest March 15, 2027, contingent on continued employment.
• Footnotes: conversion based on three-year TSR/performance metrics; company reports 100% of the absolute and relative performance portions were earned.
• Shares owned after transaction: not specified in the provided excerpt.

Context

• This was a performance/notional unit conversion and partial vesting, not an open-market sale. The 2,689-share “disposition” was a routine withholding to cover taxes (a common sell-to-cover or share-for-tax withholding mechanism), not a signal of an open-market sell.
• For retail investors: such conversions reflect plan payouts tied to multi-year performance metrics; receiving shares (even with tax withholding) is different from an outright sale and often reflects prior awarded compensation becoming payable.