Smith Chad M. 4

What Happened

• Chad M. Smith, President & COO (Better Mortgage), had 4,833 restricted stock units convert to common shares on Feb 1, 2026 (reported as a derivative conversion/exercise). Of those shares, 1,736 were withheld to satisfy tax obligations at $30.31/share (value $52,618) and the remaining 3,097 shares were sold in an open-market transaction on Feb 3, 2026 at $27.06/share for proceeds of $83,805. The initial conversion shows $0 exercise price, consistent with RSU settlement rather than a stock-option cash exercise.

Key Details

• Transaction dates and prices:
  • Feb 1, 2026: Conversion of 4,833 RSUs to shares (M) — $0 exercise price.
  • Feb 1, 2026: 1,736 shares withheld for taxes (F) at $30.31/share — $52,618.
  • Feb 3, 2026: Open-market sale of 3,097 shares (S) at $27.06/share — $83,805.
• Shares owned after transaction: Not stated in the provided filing excerpt.
• Footnotes: F1 clarifies each restricted stock unit equals a right to one Class A share. F2 describes the RSU vesting schedule (partial vesting July 1, 2025; monthly installments Aug 1, 2025–Mar 1, 2026; final tranche Mar 15, 2026).
• Filing timeliness: Form filed Feb 3, 2026 reporting Feb 1 and Feb 3 transactions; no late-filing flag was indicated in the provided data.

Context

• This was not a cash purchase; it appears to be an RSU vest-and-settle: RSUs converted to shares (M), shares were withheld to cover taxes (F), and remaining shares were sold in the open market (S). Such transactions are commonly routine (tax withholding/liquidity) rather than a direct signal of a change in insider conviction.