UNDERWOOD JEFF 4

What Happened

• Jeff Underwood, Senior Vice President and GM, Contractor Solutions at CSW Industrials (CSW), was granted 1,808 performance rights on 2026-05-06. The award is reported as an acquisition (code A) at $0 (derivative instrument), meaning no cash purchase occurred.
• The performance rights are contingent and not immediate shares; they may convert to common stock (or be settled in cash) depending on performance.

Key Details

• Transaction date: 2026-05-06 (Form 4 filed 2026-05-07 — timely filing).
• Instrument: 1,808 performance rights (derivative award), acquisition price $0.
• Vesting/Performance period: April 1, 2026 – March 31, 2029; vesting rate 0%–200% based on CSW’s relative total shareholder return versus the Russell 2000.
• Possible shares at vesting: up to 200% of grant (i.e., up to 3,616 shares) if maximum performance achieved.
• Settlement: At the issuer’s discretion, the performance rights may be settled in shares or cash.
• Shares owned after transaction: Not specified in the provided filing excerpt.

Context

• Performance rights are contingent awards intended to align executive pay with company performance; they do not represent immediate ownership or a market purchase/sale.
• Because the award vests based on relative TSR and may be settled in cash, the ultimate number of shares and monetary value received will depend on CSW’s performance over the three-year cycle.