Van der Smissen Willem Jozef Ludwig 4

What Happened
Van der Smissen Willem Jozef Ludwig, a director of Titan America SA (TTAM), recorded the conversion/exercise of a derivative on March 31, 2026 that resulted in the acquisition of 5,849 shares. The Form 4 also shows a simultaneous disposition of 5,849 shares described as a "Derivative." No price per share or total dollar value is reported in the filing. Footnote F1 states these shares were acquired upon the vesting of restricted stock units (RSUs), where each RSU converts to one share of common stock.

Key Details

• Transaction date: 2026-03-31 (reported on Form 4 filed 2026-04-09).
• Transaction type/code: M = exercise/conversion of derivative (RSU vesting).
• Shares acquired: 5,849; Shares disposed: 5,849 (disposition listed as "Derivative").
• Price: Not disclosed (N/A) in the filing.
• Footnote: F1 — shares were issued upon RSU vesting (each RSU = one share).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Timeliness: Form 4 was filed Apr 9, 2026, more than the typical 2 business days after the Mar 31 transaction, so the filing appears late.

Context
"M" transactions indicate conversion/exercise of derivatives. In this case RSUs vested and converted into common shares. The filing records both the acquisition and a same-size derivative disposition; the Form 4 does not state the reason for the disposition (e.g., tax withholding, net settlement, or transfer). For retail investors: RSU vesting is an award-based acquisition (not an open-market purchase) and does not, by itself, indicate the director's active buying or selling intent.