ANGEL STEPHEN F 4

What Happened
Director Stephen F. Angel had two vested restricted stock unit (RSU) awards convert on May 14, 2026 — 495 RSUs and 855 RSUs, for a total of 1,350 units. The Form 4 reports these as exercise/conversion of a derivative security (code M) at an exercise price of $0.00. The acquired shares were immediately recorded as disposed (derivative) because Angel elected to defer receipt of the underlying common stock rather than receive shares or cash.

Key Details

• Transaction date: 2026-05-14; Form 4 filed 2026-05-18 (filed timely).
• Reported entries: acquired 495 and 855 shares at $0.00; corresponding dispositions of 495 and 855 (derivative). Total impacted units = 1,350.
• Shares owned after transaction: filing indicates the units were deferred per the footnote; no immediate increase in publicly held shares.
• Relevant footnotes: F1 = shareholder elected to defer receipt until termination of service or change in control; F2 = each RSU converts to one share at settlement; F3 = these awards vested on the first anniversary of grant; F4 = RSUs were elected in lieu of director cash retainer.
• Transaction code: M (exercise/conversion of derivative security).

Context
This was a routine vesting/conversion of director compensation (RSUs) and a deferral election — not an open-market buy or sale. No cash was paid, no immediate sale of shares occurred, and the filing reflects a transfer of entitlement into a deferred account rather than a market trade.