Adler Brooke 4

What Happened

• Adler Brooke, Secretary of American Coastal Insurance Corp (ACIC), exercised/converted derivative equity awards on May 4, 2026. The filing shows an acquisition of 23,526 shares through exercise/conversion (reported at $0.00 per share) and multiple dispositions (surrenders/sales) totaling 23,579 shares. Several surrendered shares were used to satisfy tax obligations and other settlement mechanics; cash amounts reported across the disposals total $89,489 (including $69,143 reported for a tax withholding-related surrender).
• These transactions are reported as derivative exercises/conversions (SEC transaction code M) and a payment of tax/exercise price (code F), not as an open-market buy or voluntary sell.

Key Details

• Transaction date: 2026-05-04; Form 4 filed: 2026-05-06 (filed within the typical 2-business-day Form 4 window).
• Reported acquisition: 23,526 shares at $0.00 (exercise/conversion).
• Reported disposals/surrenders: 23,579 shares in several lots; cash amounts shown for some disposals total $89,489 (largest single amount $69,143 for 5,935 shares at $11.65).
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Relevant footnotes: these awards include stock units, restricted stock units (RSUs) and performance units that vest over three years (one-third per period), dividend equivalent units that vest with the underlying awards, and performance units that may deliver 0%–150% of the stated shares depending on performance.

Context

• This was an exercise/conversion and associated surrender to cover tax liabilities and settlement, not an independent open-market sale or purchase that signals a directional bet. Cashless-withdrawal or share-surrender to pay taxes is a common, routine outcome when awards vest or are exercised.
• For retail investors: such conversions and immediate surrenders are typically administrative (vesting/settlement related). The material cash amount reported ($~89.5K) reflects shares surrendered/sold to cover tax/exercise obligations rather than a pure stock sale for liquidity.