Perkins Danielle B 4

What Happened
Danielle B. Perkins, SVP of Wholesale Operations at IP Strategy Holdings (IPST), had 94 restricted stock units (RSUs convert to common shares) vest/convert on July 2, 2026. Of those, 39 shares were withheld to satisfy tax withholding obligations at $2.48 per share (total $97) and cancelled by the issuer; the net shares issued to Perkins were 55. No open‑market sale by the reporting person occurred.

Key Details

• Transaction date: July 2, 2026; Form 4 filed July 6, 2026 (appears timely).
• Reported transactions: Exercise/conversion of derivative (code M) — 94 RSUs -> 94 shares; Payment of tax liability (code F) — 39 shares withheld @ $2.48 = $97.
• Net shares issued to insider: 55 (94 vested − 39 withheld).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Notable footnotes:
  • All share amounts reflect a 1-for-20 reverse stock split effective Apr 23, 2026.
  • Each RSU represents a contingent right to one share.
  • The 39 withheld shares were relinquished and cancelled by the issuer to cover tax withholding (no sale by the insider).
  • The RSUs vest on a schedule over two years beginning Jan 2, 2026; this was a scheduled vesting installment on July 2, 2026.

Context
This was RSU vesting with shares withheld for tax withholding (a common cashless settlement), not an open‑market sale or a purchase. Transaction codes: M = exercise/conversion of a derivative (here, RSU conversion to shares); F = payment of exercise price or tax liability (here, share withholding to cover taxes). Such withholding transactions reflect routine tax payment on vesting and do not by themselves signal a buy or sell view by the insider.