Cavellier James M Jr 4

What Happened

• James M. Cavellier Jr., Chief Investment Officer of Cass Information Systems (CASS), received a grant of 1,675 shares (acquired at $0.00) that were awarded upon satisfaction of performance conditions.
• To cover tax liabilities related to the award, 647 shares and 601 shares were surrendered/withheld at $44.25 per share (disposed), totaling 1,248 shares withheld and approximately $55,224 in value ($28,630 + $26,594).
• This transaction is primarily a compensation award (bullish signal limited); the withheld shares were used for tax/payment obligations rather than an open-market sale.

Key Details

• Transaction dates: January 26, 2026; Form 4 filed January 28, 2026 (appears timely).
• Prices and values: 1,675 shares acquired @ $0.00 (award); 647 shares withheld @ $44.25 = $28,630; 601 shares withheld @ $44.25 = $26,594. Total shares withheld = 1,248; total consideration = $55,224.
• Shares owned after transaction: not specified in the Form 4 filing.
• Footnotes: F1 indicates restricted stock/bonus shares are subject to vesting and forfeiture; F2 notes the 1,675 shares were acquired upon satisfaction of applicable performance conditions.
• Transaction codes: A = Award/Grant (acquisition); F = Payment of exercise price or tax liability (shares withheld for taxes).

Context

• This appears to be a typical restricted stock award tied to performance, with the company or insider withholding shares to satisfy tax withholding obligations. Such withholding transactions are routine for compensation events and do not necessarily indicate the insider is selling shares for investment reasons.
• For retail investors: awards signal management compensation alignment with company performance, but the withholding itself is administrative and not equivalent to an open-market sale.