Follette James 4

What Happened

James Follette, Chief Digital Officer of PennyMac Financial Services (PFSI), had 599 shares withheld to cover tax liabilities related to the vesting of restricted stock units (RSUs). The filing reports the 599 shares as disposed at a price of $91.93 per share, for a total value of $55,066. This was a tax-withholding event (not an open-market sale or purchase).

Key Details

• Transaction date: 2026-02-28; Form 4 filed: 2026-03-03.
• Transaction type/code: F — shares withheld to satisfy tax withholding on RSU vesting.
• Shares withheld/disposed: 599 at $91.93 each; total ~$55,066.
• Reported beneficial ownership after the transaction: 7,296 restricted stock units and 4,438 shares of common stock (total 11,734, with the RSUs to be settled in shares upon vesting) — per footnote F2.
• Footnotes: F1 = shares withheld for taxes upon RSU vesting; F2 = breakdown of reported beneficial ownership (RSUs + shares).
• Filing timing: Form filed three days after the transaction date (Mar 3 for Feb 28 transaction).

Context

Withholding shares to cover taxes on vested RSUs is a routine administrative action and is not the same as a voluntary sale of shares. RSUs convert into common shares upon vesting; the withheld shares simply satisfy the tax bill. Such transactions usually do not, by themselves, signal a change in an insider’s view of the company.