Ford Earl Carlton IV 4

What Happened
Ford Earl Carlton IV, EVP & CFO of Academy Sports & Outdoors (ASO), reported a mix of equity awards and a conversion/withholding event. On March 20, 2026 he was granted 17,314 performance-based restricted stock units (PRSUs) and 17,314 time-based restricted stock units (RSUs) (total 34,628 RSUs). On March 23, 2026 he converted/exercised 1,289 derivative units into common shares and 530 of those shares were surrendered/withheld to cover tax liabilities, valued at $51.98 per share for a total of $27,549. Most activity is award-based (acquisitions); the 530-share disposition was a routine tax withholding.

Key Details

• Transaction dates: Grants on 2026-03-20; conversion/exercise and withholding on 2026-03-23.
• Tax withholding: 530 shares withheld at $51.98/share = $27,549 (code F).
• Conversion/exercise: 1,289 derivative shares converted/exercised (codes M).
• Awards: 17,314 PRSUs (performance-based) and 17,314 time-based RSUs granted under the 2020 Omnibus Incentive Plan (code A).
• PRSU terms: Vesting tied to 3-year performance metrics (adjusted pre-tax income, ROIC, adjusted free cash flow) for period 2/1/2026–2/3/2029; payout range 0%–200% of target, subject to committee certification and continued service.
• Time-based RSUs: Vest in three equal annual installments beginning on the first anniversary of the grant, subject to continued service.
• Prior award noted: 3,865 time-based RSUs granted on 3/21/2023 (vesting in three installments).
• Shares owned after the transaction: Not specified in the filing.
• Filing date: Report filed 2026-03-23 for events through 2026-03-20/23; no late filing indicated in the report.

Context

• Derivative conversion/exercise: The filing shows a conversion/exercise of derivative awards into common shares (code M). A portion of shares was withheld to satisfy tax withholding obligations (code F), a common and routine practice that does not necessarily indicate selling for investment reasons.
• PRSUs vs RSUs: PRSUs are performance-contingent and may pay out between 0%–200% of the target amount depending on results; time-based RSUs vest over time. Both are standard executive compensation tools and represent potential future equity if vesting conditions are met.