Wallace Sally 4
4 · Leonardo DRS, Inc. · Filed Apr 3, 2026
Research Summary
AI-generated summary of this filing
Leonardo DRS (DRS) COO Sally Wallace Sells ~53,662 Shares
What Happened
- Sally Wallace, Chief Operating Officer of Leonardo DRS (DRS), had equity awards vest on April 1, 2026 (performance RSUs/RSUs and conversions). A total of 53,662 shares were acquired through vesting/exercise.
- Of those, 24,702 shares were withheld to satisfy tax withholding at a reported price of $45.86 (proceeds/benefit to the company or tax authority shown as $1,132,834). Separately, 28,960 shares were sold in the open market on April 2, 2026 at a weighted average price of $46.35 for proceeds of $1,342,296. Combined proceeds tied to these dispositions are about $2.48 million.
- This activity reflects award vesting and routine sales (including tax withholding and sales under a pre‑arranged plan), not an open‑market purchase.
Key Details
- Transaction dates & prices: Vesting/exercise on 2026-04-01; tax‑withheld disposals at $45.86; open‑market sales on 2026-04-02 at weighted avg $46.35 (range $45.205–$46.98 per filing).
- Shares acquired via vesting/exercise: 53,662; shares disposed (withheld + sold): 53,662 (24,702 withheld for taxes; 28,960 sold).
- Reported proceeds: ~ $1.34M from open‑market sales + ~ $1.13M associated with tax‑withheld shares ≈ $2.48M total.
- Notable footnotes: PRSUs were awarded April 2023 for the 2023–2025 performance period and certified Feb 19, 2026; RSUs/PRSUs vested on April 1, 2026. The open‑market sales were effected pursuant to a Rule 10b5‑1 trading plan adopted Aug 6, 2025. The filing reports a weighted average sale price and the seller offers to provide per‑trade prices on request.
- Filing/timeliness: Form 4 filed April 3, 2026 — timely under the two‑business‑day rule.
- Transaction codes explained: A = Award/Grant, M = exercise/conversion of derivative (RSUs/PRSUs), F = shares withheld to cover tax obligations, S = open‑market sale.
Context
- This was vesting plus immediate disposition (tax withholding and planned sales). That pattern is common for executives receiving RSUs/PRSUs and does not by itself indicate a bullish purchase signal. The sales were largely executed under a pre‑arranged 10b5‑1 plan and via tax withholding (cashless net settlement).
Insider Transaction Report
Form 4
Wallace Sally
EVP, Chief Operating Officer
Transactions
- Award
Common Stock
[F1]2026-04-01+23,367→ 81,720 total - Tax Payment
Common Stock
[F2]2026-04-01$45.86/sh−9,839$451,217→ 71,881 total - Award
Common Stock
[F3]2026-04-01+15,664→ 87,545 total - Tax Payment
Common Stock
[F2]2026-04-01$45.86/sh−7,684$352,388→ 79,861 total - Exercise/Conversion
Common Stock
2026-04-01+7,252→ 87,113 total - Tax Payment
Common Stock
[F2]2026-04-01$45.86/sh−3,558$163,170→ 83,555 total - Exercise/Conversion
Common Stock
2026-04-01+4,337→ 87,892 total - Tax Payment
Common Stock
[F2]2026-04-01$45.86/sh−2,128$97,590→ 85,764 total - Exercise/Conversion
Common Stock
2026-04-01+3,042→ 88,806 total - Tax Payment
Common Stock
[F2]2026-04-01$45.86/sh−1,493$68,469→ 87,313 total - Sale
Common Stock
[F4][F5]2026-04-02$46.35/sh−28,960$1,342,296→ 58,353 total - Exercise/Conversion
Restricted Stock Unit
[F6][F7]2026-04-01−7,252→ 0 total→ Common Stock (7,252 underlying) - Exercise/Conversion
Restricted Stock Unit
[F8][F9]2026-04-01−4,337→ 4,337 total→ Common Stock (4,337 underlying) - Exercise/Conversion
Restricted Stock Unit
[F10]2026-04-01−3,042→ 6,085 total→ Common Stock (3,042 underlying)
Footnotes (10)
- [F1]Represents performance restricted stock units ("PRSUs") awarded in April 2023 under the Issuer's 2022 Omnibus Equity Compensation Plan (the "Plan") for the performance period January 1, 2023 through December 31, 2025, for which performance goals have been achieved and certified on February 19, 2026. Each PRSU represents the right to one share of the Issuer's common stock. The PRSUs vested on April 1, 2026.
- [F10]Each RSU was granted under the Plan, and represents a contingent right to receive one share of the common stock of the Issuer or the cash equivalent thereof. One-third of the RSUs vested on April 1, 2026. The remaining RSUs are scheduled to vest one-third annually on each of April 1, 2027 and April 1, 2028, subject to the Reporting Person's continued employment with the Issuer through each date. The number of RSUs that vest on each of April 1, 2026 and April 1, 2027 shall be rounded down to the nearest whole number of RSUs and the remaining RSUs shall vest on April 1, 2028.
- [F2]Shares withheld by the Issuer to satisfy tax withholding requirements.
- [F3]Represents PRSUs awarded in April 2023 under the Plan for the performance period January 1, 2023 through December 31, 2025, for which performance goals have been achieved and certified on February 19, 2026. Each PRSU represents the right to one share of the Issuer's common stock. The PRSUs vested on April 1, 2026.
- [F4]The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 6, 2025.
- [F5]The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $45.205 - $46.98, inclusive. The Reporting Person undertakes to provide upon request by the Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.
- [F6]Each restricted stock unit ("RSU") was granted under the Plan, and represents a contingent right to receive one share of the common stock of the Issuer or the cash equivalent thereof. One-third of the RSUs vested on each of April 1, 2024 and April 1, 2025. The remaining RSUs vested one-third on April 1, 2026.
- [F7]The Reporting Person's Form 4 filed on April 3, 2025, incorrectly overstated the total number of derivative securities remaining after the vesting of RSUs was 20,263 on April 1, 2025, this number should have stated 7,252 RSUs. This was a result of an inadvertent administrative error.
- [F8]Each RSU was granted under the Plan and represents a contingent right to receive one share of the common stock of the Issuer or the cash equivalent thereof. One-third of the RSUs vested on each of April 1, 2025 and April 1, 2026. The remaining one-third of RSUs are scheduled to vest on April 1, 2027, subject to the Reporting Person's continued employment with the Issuer through such date.
- [F9]The Reporting Person's Form 4 filed on April 3, 2025, incorrectly overstated the total number of derivative securities remaining after the vesting of RSUs was 15,926 on April 1, 2025, this number should have stated 8,674 RSUs. This was a result of an inadvertent administrative error.
Signature
/s/ Oriana D. Pietrangelo, Attorney-in-Fact|2026-04-03