Ammann Marc-Andre 4

What Happened
Marc‑Andre Ammann, Principal Accounting Officer of Keel Infrastructure (KEEL), had 28,480 restricted stock units (RSUs convert/vest) on July 10, 2026. The company withheld 15,183 of those shares to satisfy tax withholding obligations, valued at approximately $70,905 (USD equivalent at $4.67/share). Net shares issued to him were 13,297 (28,480 vested − 15,183 withheld). The filing shows the RSU conversion as derivative activity (code M) and the withholding as a tax withholding disposition (code F).

Key Details

• Transaction date: July 10, 2026; Form 4 filed July 14, 2026 (filed on time — within two business days).
• Vesting/conversion: 28,480 RSUs converted to common shares (reported as exercise/conversion, code M) at $0.00 exercise price (RSUs have no exercise price).
• Tax withholding: 15,183 shares withheld/disposed (code F) at a reported USD equivalent price of $4.67/share, total ≈ $70,905. Exchange rate used: CAD 1.00 = USD 0.7058.
• Net shares received by the insider: 13,297 shares.
• Footnotes: each RSU represents a contingent right to one share (or cash in lieu); these RSUs vest in three equal installments beginning July 10, 2026. Withholding represents shares surrendered to satisfy taxes on vesting.
• Shares owned after transaction: not specified in the provided filing excerpt.

Context

• This was a vesting/conversion of RSUs (not an open‑market purchase). The withholding of shares to cover taxes is a routine administrative step (a form of cashless settlement) and does not by itself indicate insider sentiment to buy or sell additional stock.