FRANCIS ROBERT DAVID 4

What Happened

• Francis Robert David, President, Healthcare Professional Liability at ProAssurance Corporation, exercised/converted restricted stock units (derivative transactions) on 2026-02-25.
• He converted a total of 17,881 RSUs into common shares (3,226 + 8,765 + 5,890) at a valuation of $24.47 per share, a gross value of $437,548.
• To cover tax withholding, 7,711 shares were surrendered (disposed) at the same $24.47 valuation (tax withholding value: $188,688), leaving a net 10,170 shares issued to him (net value ~ $248,860).

Key Details

• Transaction date: February 25, 2026; Form 4 filed February 26, 2026 (no late filing flag indicated).
• Prices and amounts: 17,881 RSUs converted at $24.47 (gross $437,548); 7,711 shares withheld for taxes at $24.47 (cash value $188,688); net shares received 10,170 (net value ≈ $248,860).
• Transaction codes: M = exercise/conversion of derivative (RSU); F = payment of exercise price/tax liability (shares withheld).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: RSUs come from ProAssurance equity plans (2014 and 2024 plans referenced) with multi-year vesting schedules and standard tax-withholding settlement; F2 notes the RSUs were priced Feb 24, 2026 per the Compensation Committee.

Context

• This was a conversion/settlement of vested RSUs (not an open-market purchase or a discretionary sale). The filing shows shares were withheld to satisfy tax obligations (a common, routine step), resulting in a net issuance of shares rather than a market sale.
• For retail investors: exercises/conversions and routine tax-withholding generally reflect compensation settlement rather than a clear bullish or bearish signal by the insider.