UNDERWOOD JEFF 4

What Happened

• Jeff Underwood, SVP & GM, Contractor Solutions at CSW Industrials (CSW), had performance-based awards vest and be settled in common stock on 2026-04-02. The filing shows conversion/exercise of performance-derived awards totaling 3,224 shares (2,127 shares reported as acquired and 1,097 reported as a conversion/disposed derivative) at an effective exercise price of $0.00.
• To satisfy tax withholding obligations, 851 shares were surrendered/disposed at $260.34 per share for total proceeds of $221,549. This disposition was a withholding/tax-related sale, not an open-market sale for investment purposes.

Key Details

• Transaction date: 2026-04-02; Form 4 filed: 2026-04-07 (filing appears late relative to the usual 2-business-day Form 4 rule).
• Prices and amounts: performance shares converted at $0.00; 851 shares disposed at $260.34 each = $221,549.
• Shares owned after the transaction: not specified in the provided filing excerpts.
• Filing codes: M = exercise/conversion of derivative (performance rights); F = payment of exercise price or tax liability (share surrender for taxes).
• Footnote: The performance rights vested at 190.7% of target for the three-year cycle ending 3/31/2026 (including 18 dividend-equivalent units) and were settled in shares per the award agreement.

Context

• These were performance-right conversions (not open-market purchases or discretionary sales). The surrendered 851 shares were used to cover tax obligations — a common administrative step after awards vest. Such tax-withholding dispositions are routine and do not necessarily signal the insider’s view of the company's stock.