Malhotra Atul 4

What Happened Atul Malhotra, Chief Risk Officer of Fulton Financial Corporation (FULT), had performance-based restricted stock units (PSUs) earn and vest as of May 1, 2026 and were settled into 5,942.115 shares. Of those, 2,600.115 shares were withheld to cover the reporting person's tax liability, resulting in reported proceeds of $56,214 at an implied withholding price of $21.62. In addition, Malhotra received a new award of 4,883 restricted stock units (RSUs) on May 1, 2026 (these are awards that cliff-vest in three years).

Key Details

• Transaction date(s): May 1, 2026 (report filed May 5, 2026).
• Vest/settlement: 5,942.115 PSUs converted to shares (transaction code M; $0 per-share exercise/settlement price reported).
• Tax withholding: 2,600.115 shares withheld to satisfy tax liability (transaction code F) at $21.62, proceeds reported $56,214 (footnote F2).
• New grant: 4,883 RSUs awarded (transaction code A) under the 2022 Amended and Restated Equity and Cash Incentive Compensation Plan (footnotes F8–F9); these cliff-vest three years from grant.
• Footnotes: PSUs were granted May 1, 2023 and vested based on total shareholder return vs. peer group and net income goals (F5–F6). Dividend reinvestment rounding details are noted in other footnotes (F1, F3, F4).
• Shares owned after transaction: not specified in the provided filing summary.
• Filing timeliness: Reported May 5 for May 1 transactions — appears later than the usual two-business-day Form 4 deadline.

Context

• These were not open-market purchases or voluntary sales of existing shares. The primary activity was the settlement of earned performance-based equity (PSUs) into shares, with a portion withheld to cover taxes (a common administrative, non-bullish procedure). The newly granted RSUs are unvested awards that will vest (cliff) three years from the grant date if conditions are met.