Hulgrave Michelle 4

What Happened
Michelle Hulgrave, EVP & Chief Financial Officer of Penske Automotive Group (PAG), recorded two dispositions in early June 2026. On June 1, 2026, 2,718 shares were disposed (withheld) at $170.44 per share to satisfy tax withholding obligations related to restricted stock that vested, totaling $463,256. On June 2, 2026, she sold 1,500 shares in an open-market transaction at a weighted average price of $171.80 per share, totaling $257,697. Both are sales/dispositions (not purchases).

Key Details

• Transaction types and codes: F (tax withholding for vested restricted stock) on 2026-06-01; S (open-market sale) on 2026-06-02.
• June 1 withholding: 2,718 shares × $170.44 = $463,256 (footnote F1: withheld for taxes on restricted stock vesting).
• June 2 sale: 1,500 shares × weighted avg $171.80 = $257,697 (footnote F2: trade prices ranged $171.43–$172.41; weighted avg reported; seller will provide detailed breakouts on request).
• Shares owned after the transactions are not specified in the supplied summary of the filing.
• Filing: Form 4 filed 2026-06-03 for transactions on June 1–2, 2026 — appears to be a timely filing (no late filing flag reported).

Context

• The June 1 disposition was a standard tax-withholding for vested restricted stock (routine and not an additional market purchase).
• The June 2 sale was an open-market sale executed across multiple prices (weighted average reported). Sales by executives can be for many reasons (taxes, diversification, liquidity) and are not by themselves a clear signal of company prospects.
• No indication in this filing of option exercise for new shares or of a 10% owner transaction; these were routine dispositions related to compensation and a subsequent open-market sale.