Moreno Hernandez Miguel 4

What Happened
Miguel Moreno (SVP, Regulatory & Commercial Lead – EMEA) had multiple equity award settlements on March 15, 2026. The Form 4 shows 1,242 shares acquired through grants/vestings and conversions of derivative awards (PSUs/RSUs and dividend equivalents). To satisfy tax withholding, 241 shares were surrendered at $118.45 per share (total reported value $28,546). Several derivative-share conversions were also listed as disposed/offset in the reporting (zero cash consideration), consistent with settlement/netting activity.

Key Details

• Transaction date: March 15, 2026; Form 4 filed March 17, 2026.
• Reported acquisitions (vest/convert/award): 1,242 shares (various RSU/PSU/DER settlements).
• Shares surrendered for tax withholding: 241 shares at $118.45 each = $28,546 (code F).
• Other derivative activity: conversions/exercises and corresponding disposals of 363 shares at $0 (codes M and derivative disposals) — reflected as part of award settlement/netting.
• Net shares received (acquired minus surrendered/disposed in this filing): ~638 shares.
• Footnotes summary:
  • F1: PSUs from 3/15/2023 vested upon certification of performance (ROIC-based).
  • F2–F8: RSUs and dividend-equivalent rights (DERs) from grants in 2023–2025 settled or converted; some RSUs vest over multi-year schedules.
  • F4: Shares surrendered to satisfy withholding tax obligations.
• Shares owned after the transaction: not disclosed in provided data.
• Filing timeliness: Form 4 filed two days after the reported transaction date (filed 3/17 for 3/15 activity).

Context
This filing reflects routine compensation-related vesting and settlement of long-term incentive awards (PSUs, RSUs, and DERs) rather than an open-market purchase or a discretionary sale. The 241-share disposition was a tax withholding event (common on vesting). Several derivative conversions and zero-consideration disposals indicate net settlement/cashless mechanics rather than market sales.