Urist Marshall 4

What Happened
Urist Marshall, EVP, Research & Investments at Royalty Pharma (RPRX), received 19,970 Class A Ordinary Shares on 2026-02-11 as the settlement of Equity Performance Awards. The shares show a reported acquisition price of $0.00 (awarded, no cash paid). This was an award/grant transaction (code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-11; Form 4 filed: 2026-02-13 (filed within the two-business-day window).
• Shares acquired: 19,970 Class A Ordinary Shares; reported price: $0.00.
• Footnote: Acquisition was exempt under Rule 16b-3 in connection with settlement of Equity Performance Awards.
• Shares owned after transaction: not explicitly listed on the provided summary.
• Additional holdings disclosed in remarks: Marshall and family vehicles hold exchangeable limited partnership interests convertible into 2,474,120 Class A shares and Class E Ordinary Shares of RPH exchangeable into 1,356,528 Class A shares (Class E shares are subject to vesting conditions).

Context
This was a compensation-related award (settlement of performance awards), so it represents received equity rather than a market purchase or sale. The Rule 16b-3 exemption is a common disclosure for insider awards tied to compensation plans. Note the remarks about large exchangeable interests—these are convertible or vesting interests and not the same as immediately owned, free-trading shares.