Tato Joseph A 4

What Happened

• Director Joseph A. Tato exercised or converted derivative awards on May 15, 2026, resulting in 85,000 common shares acquired at $21.22 per share (reported value $1,803,700). Of those shares, 46,750 were disposed to the issuer at the same $21.22 price to satisfy tax obligations (reported value $992,035). The filing also shows an award/contingent right for 8,725 shares (no cash value reported) and a zero-dollar derivative disposition reported in connection with the conversion/settlement.

Key Details

• Transaction date: 2026-05-15; exercise price reported: $21.22; total reported value of exercised shares: $1,803,700.
• Shares withheld/surrendered to issuer for taxes: 46,750 shares valued at $992,035.
• Additional award: 8,725 contingent shares (no cash consideration reported).
• Relevant footnotes:
  • F1: Company settled a portion of vested RSUs in cash to facilitate tax payments (tax-withholding treatment).
  • F2: The 8,725 award represents a contingent right to receive one share per unit under the LTIP.
  • F3/F4: Vesting noted for awards (May 15, 2027 and May 15, 2026 or next annual meeting, per footnotes).
• Shares owned after the transaction: not stated in the provided filing excerpt.
• Filing date: 2026-05-19 for a 2026-05-15 transaction — filed within the standard two-business-day Form 4 window (timely).

Context

• This appears to be a cashless-style settlement: options/derivatives were exercised and some shares were surrendered to the company to cover taxes (common insider practice; not necessarily a market sentiment signal).
• The 8,725 contingent units are awards that vest in the future (see footnotes), so they do not represent immediately tradable shares.
• The reporting is of a director (not a >10% owner), and the filing gives no explicit statement of change in overall ownership beyond the reported transactions.