Mills Desmond J 4

What Happened

• Desmond J. Mills, SVP & Chief Accounting Officer, reported activity on March 7, 2026: certain derivative awards converted/vested into 1,706 shares (reported as exercise/conversion), 672 shares were withheld/disposed to cover taxes at $90.80 per share (proceeds $61,018), and he received new awards of 3,225 RSUs and 3,225 PSUs (target) granted the same day. The derivative and grant entries show $0 per share (typical for RSU/PSU conversions and grants).

Key Details

• Transaction date: March 7, 2026; Form 4 filed March 10, 2026.
• Tax-withholding disposition: 672 shares at $90.80 = $61,018 (code F — withholding to satisfy tax liability).
• Exercise/conversion entries: 1,706 shares reported as converted/exercised (code M) at $0.00 — reflects conversion of vested units to shares.
• New awards: 3,225 RSUs (code A) and 3,225 PSUs (code A, target amount) granted on March 7, 2026; both grants show $0.00 price.
• Shares owned after the transactions: not specified in the provided data.
• Footnotes:
  • F1/F2: Some RSUs vested (from a March 7, 2025 grant) and a portion was withheld for taxes.
  • F3: 3,225 RSUs granted on March 7, 2026 vest in three equal annual installments.
  • F4: 3,225 PSUs granted on March 7, 2026 are performance-based (0–200% payout) over fiscal years 2026–2028.

Context

• This appears to be routine equity compensation activity: vesting/conversion of restricted share units, tax-withholding via surrender/withholding of shares (not an open-market sale), and new RSU/PSU grants. The 672-share disposition was to satisfy tax obligations rather than a discretionary cash sale. The PSUs are performance-contingent and may pay out above or below target depending on results through 2028.