Raffield Martin 4

What Happened

• Raffield Martin, Senior Vice President, Operations at Royal Gold (RGLD), received restricted stock awards totaling 1,948 shares (two grants) on Feb 26, 2026. These awards are reported as acquisitions at $0.00 (restricted stock grants).
• To satisfy tax withholding obligations as the awards vested, 880 shares were withheld across three dates (Feb 27, Mar 1, Mar 2, 2026). The withheld shares had reported values of $93,834, $106,126 and $64,814 respectively, for a combined tax-withholding value of $264,774. The filing indicates shares were withheld to cover taxes — no shares were sold on the open market.

Key Details

• Grant dates and amounts: Feb 26, 2026 — 1,608 RSUs (Footnote F1) and 340 RSUs (Footnote F2), total 1,948 shares, acquired at $0.00.
• Tax withholding (dispositions): Feb 27, 2026 — 313 shares @ $299.79 = $93,834; Mar 1, 2026 — 354 shares @ $299.79 = $106,126; Mar 2, 2026 — 213 shares @ $304.29 = $64,814. Total withheld = 880 shares (~$264,774).
• Shares owned after the transactions: Not specified in the provided filing.
• Footnotes: F1 = 1/3 vests annually over 3 years beginning on first anniversary; F2 = 1/2 vests on first anniversary and 1/2 on third anniversary; F3 = shares withheld to satisfy taxes (no open-market sale).
• Filing date vs. transaction dates: Form 4 filed Mar 2, 2026 for awards dated Feb 26, 2026 (note Form 4s are normally due within two business days of a reportable transaction).

Context

• These transactions are restricted stock grants (awards) with standard multi-year vesting schedules. The subsequent disposals are tax withholdings (cashless withholding) rather than open-market sales, which is routine when awards vest and does not necessarily signal a change in insider sentiment.
• For retail investors, purchases or open-market sales by insiders can be more informative; in this case the key activity is receipt of RSUs and routine tax withholding.