Renda Frankie S. 4

What Happened
Frankie S. Renda (listed as a 10% owner) had 57,471 restricted stock units (RSUs) vest and convert to common shares on June 13, 2026 (transaction code M = exercise/conversion). The filing shows 57,471 shares acquired via conversion and the same 57,471 shares disposed of at $0.00—meaning there was no open‑market sale or cash proceeds reported. The RSUs originated from a June 13, 2025 award of 172,413 RSUs that vest in three equal annual tranches; one-third (57,471) vested on June 13, 2026.

Key Details

• Transaction date: June 13, 2026; Form 4 filed June 16, 2026 (filed within normal Form 4 timing).
• Acquired: 57,471 shares via conversion of RSUs (price: N/A).
• Disposed: 57,471 shares at $0.00 (no cash proceeds reported).
• Shares owned after transaction: not specified in this filing.
• Notable footnotes: F1 = 1 RSU = 1 share; F8 = original RSU award and vesting schedule; F2–F7 indicate shares are held directly by family trusts and the reporting person’s spouse; F3 disclaims beneficial ownership except to extent of pecuniary interest.
• This was not an open‑market sale (no sale proceeds) — it appears to be conversion/transfer to family trusts/spouse rather than a cash disposition.

Context
Code M transactions reflect exercise or conversion of derivatives (here, vested RSUs converting to shares). Transfers at $0 often indicate internal transfers (to trusts or family members) or settlement of award terms rather than a market sale, and therefore do not signal a typical insider "sell" or "buy" trade. As a 10% owner, Renda’s transfers to family trusts are family/institutional arrangements and should be interpreted differently than discretionary buy/sell trades by officers or directors.