MCRAE MATTHEW BLAKE 4

What Happened

Matthew McRae (CEO, Director) reported two related transactions. On 2026-01-30 he sold 35,482 shares in an open-market/private sale at a weighted average price of $12.81 for total proceeds of $454,535. On 2026-02-03 he exercised/converted 33,175 derivative units (reported as M) into common shares; the filing shows an acquisition entry for 33,175 shares and a related derivative disposition entry at $0.00.

The reported sale was used to satisfy estimated tax withholding obligations upon settlement of restricted/performance awards (see footnote). These actions are generally routine tax-withholding/equity-settlement transactions rather than discretionary market purchases or sales.

Key Details

• Transaction dates: Sale 2026-01-30; derivative exercise/conversion 2026-02-03.
• Sale details: 35,482 shares sold at a weighted average price of $12.8103 (range $12.8102–$12.84); total reported proceeds $454,535 (Footnote F2).
• Derivative details: 33,175 shares acquired via exercise/conversion (M); corresponding disposition entry reported at $0.00 (Footnote F3 explains these were performance stock units).
• Purpose of sale: Footnote F1 states shares were sold to satisfy estimated tax withholding upon RSU/award settlement.
• Shares owned after transaction: Not disclosed in the Form 4 filing.
• Filing timeliness: Form 4 filed 2026-02-03 for transactions through 2026-01-30/02-03 — appears timely (within the two-business-day filing window).

Context

• Code M indicates exercise or conversion of derivative securities; footnote F3 clarifies these were performance stock units (PSUs) that convert to one share each once time and performance conditions are met.
• The sale was for tax withholding, a routine administrative step that does not necessarily signal the insider’s market view. Purchases generally convey stronger bullish signal than tax-related sales.