Cornelli Francesca 4

What Happened
Francesca Cornelli, a director of Ryan Specialty Holdings, was granted 5,757 restricted stock units (RSUs) on April 28, 2026. The Form 4 reports an acquisition at $0.00 (award/grant), and the RSUs vested immediately upon grant. No cash was paid; settlement of the vested RSUs has been deferred until Ms. Cornelli’s separation from service on the board.

Key Details

• Transaction date and type: 2026-04-28 — Grant/Award (code A); 5,757 RSUs reported at $0.00.
• Shares owned after transaction: not specified in the provided filing.
• Footnote F1: The RSUs vested immediately but the reporting person elected to defer settlement until separation from service.
• Footnote F2: The grant was approved by the board for purposes of Rule 16(b)(3).
• Filing timeliness: Report filed 2026-04-30 for a 2026-04-28 transaction — appears to be filed within the standard Form 4 window (not reported late).

Context: RSUs are compensatory awards that represent a future right to receive shares; immediate vesting with deferred settlement means Ms. Cornelli has a present entitlement but will not receive the shares (or proceeds) until she leaves the board. Such awards are common director compensation and do not, by themselves, indicate a buy or sell view of the stock.