Bourdeau James O. 4

What Happened
James O. Bourdeau, EVP and Senior Advisor at Constellation Brands (STZ), had performance share units and restricted stock units vest on May 1, 2026. A total of 5,973 derivative units were converted into shares (transaction code M). To satisfy tax withholding (transaction code F), 2,108 shares were withheld at $152.82 per share, a withholding value of $322,145. The remaining roughly 3,865 shares were delivered to Mr. Bourdeau net of withholding.

Key Details

• Transaction date: May 1, 2026; Form filed May 5, 2026.
• Conversions (M): 5,973 shares (zero exercise price shown — these were vesting conversions of awards).
• Tax withholding (F): 2,108 shares withheld at $152.82 = $322,145.
• Net shares delivered to insider: ~3,865 shares (5,973 converted − 2,108 withheld).
• Footnotes: F1/F3 — PSUs and RSUs each represent a contingent right to one share; F4–F6 — those units vested on May 1, 2026 and were delivered net of shares withheld for taxes. F2 notes some prior ESPP-acquired shares included in total holdings.
• Transaction codes: M = exercise/conversion of derivative; F = payment of tax liability (shares withheld).
• Shares owned after transaction: not specified in the provided data.

Context
This was a vesting/settlement event (conversion of PSUs/RSUs) with shares withheld to cover taxes — effectively a net settlement, not an open-market sale by the insider. Such transactions are routine for equity compensation and primarily reflect vesting and tax withholding rather than a discretionary sale or purchase.