Noble Ryan S. 4

What Happened

• Ryan S. Noble, SVP, Sales & Marketing Development at Kewaunee Scientific (KEQU), had restricted stock units (RSUs) convert to common stock on June 30, 2026. The Form 4 shows RSU settlements/conversions and related withholdings rather than an open-market buy or sell.
• Key items reported: a conversion/settlement producing shares, delivery of 2,942 shares to Mr. Noble, a cash-in-lieu payment for 3,000 RSUs totaling $108,750 (3,000 × $36.25), and 1,809 shares used/withheld to satisfy tax obligations valued at $65,576. The filing also lists small additional RSU dispositions of 534 and 730 shares (zero cash consideration) related to the settlements.
• Overall this was the settlement/vesting of RSUs (an award event) with cash and share-withholding for taxes—not an open-market sale by the insider.

Key Details

• Transaction date: June 30, 2026; Form 4 filed July 2, 2026 (timely).
• Reported prices/values: cash-in-lieu 3,000 shares × $36.25 = $108,750; tax withholding 1,809 shares × $36.25 = $65,576. Several RSU conversions reported at $0 (award vesting/conversion).
• Net shares received: 2,942 shares delivered to the reporting person per footnote disclosure.
• Notable footnotes: F1 explains RSUs convert one-for-one to common stock. F2 states 3,617 performance RSUs settled at 150% of target, producing 2,426 shares plus an election for cash in lieu of 3,000 shares; 516 service RSUs also vested (total 2,942 shares received). Additional footnotes (F3–F5) describe the grant schedules for prior RSU awards.
• Shares owned after the transaction: not provided in the summary data supplied.
• Filing status: appears timely (transaction 6/30/2026, filed 7/2/2026).

Context

• This transaction is an award/vesting event (A/M codes for RSU conversion); the cash-in-lieu payment is the company paying cash instead of issuing shares, not an open-market sale by the insider.
• Shares listed as withheld or disposed to the issuer (and the F-code tax withholding) are routine actions to satisfy tax obligations when RSUs vest; they do not necessarily indicate a personal decision to liquidate holdings beyond tax requirements.
• For retail investors: award vesting is common and informational; purchases are generally more informative about insider confidence than routine vesting and tax withholdings.