Normile Michael James 4

What Happened
Michael Normile, Chief Financial Officer of CASS INFORMATION SYSTEMS INC (CASS), received a grant/award of 1,786 shares on January 26, 2026 (acquired at $0.00). On the same date, 911 shares and 837 shares were disposed of (tax withholding) at $44.25 per share to cover tax liabilities — reported values $40,312 and $37,037 respectively (total ≈ $77,349). Net change from these transactions is an increase of 38 shares (1,786 granted − 1,748 withheld).

Key Details

• Transaction date: January 26, 2026 (Period of Report); Form 4 filed January 28, 2026 (timely).
• Award: 1,786 shares acquired (code A) at $0.00.
• Tax withholding: 911 shares (code F) @ $44.25 = $40,312; 837 shares (code F) @ $44.25 = $37,037. Total shares withheld = 1,748; total value ≈ $77,349.
• Net effect: +38 shares. Total shares owned after the transaction are not specified in the provided filing.
• Footnotes: F1 — includes restricted stock bonus shares subject to vesting and forfeiture; F2 — the shares were acquired upon satisfaction of applicable performance conditions.
• Transaction codes: A = award/grant; F = payment of exercise price or tax liability (share withholding). These disposals were tax withholdings, not open-market sales.

Context
When restricted stock vests or performance conditions are met, companies often withhold shares to cover tax obligations — this is a routine administrative transaction and not necessarily a bearish signal. The grant here was performance-based and may remain subject to vesting/forfeiture per the footnotes.