Speers Brody 4

What Happened

• Speers Brody, Chief Financial Officer of Teekay Corp. (TK), had restricted stock units (RSUs) vest and related Dividend Equivalent Rights (DERs) settle into shares on June 2, 2026. The Form 4 reports roughly 21,305.637 shares issued on vesting/settlement (sum of reported acquisitions).
• To satisfy tax withholding, 10,201 shares were disposed at $11.61 per share, generating $118,434. Other reported disposals at $0.00 reflect internal settlement/conversion of DERs and RSUs (see footnotes).

Key Details

• Transaction date: June 2, 2026; filing date: June 3, 2026 (timely).
• Actions reported: RSU vesting/awards (A), conversion/settlement of derivative rights (M), and tax withholding sale (F).
• Shares issued on vesting/settlement (per Form 4): ~21,305.637 shares (aggregate of reported acquisitions).
• Shares sold for tax withholding: 10,201 shares at $11.61 each = $118,434.
• Zero-dollar disposals listed in the filing represent settlement/conversion of DERs on vesting (see footnotes F1–F5).
• Shares owned after the transactions: not specified in the provided Form 4 excerpt.

Context

• This was not an open-market purchase or a market sale for investment reasons; it reflects routine RSU vesting and the common practice of selling shares to cover tax obligations.
• DERs are dividend equivalents that were converted into shares on vesting (per footnotes). The filing shows exercises/conversions of derivative awards rather than a separate cash exercise.