Macdonald Andrew 4

What Happened
Andrew Macdonald (President & COO) had multiple restricted stock units (RSUs) convert into common stock on March 16, 2026. A total of 153,449 shares were issued on vesting (breakdown: 140,574 + 4,042 + 3,841 + 2,519 + 2,473). To satisfy tax withholding obligations, 87,131 shares were withheld (at $74.66 per share), generating about $6,505,200 in withholding. That leaves approximately 66,318 net shares issued to Macdonald after withholding. The transactions were routine RSU vesting and tax-withholding entries rather than open-market sales.

Key Details

• Transaction date: March 16, 2026. Form 4 filed March 18, 2026 (timely filing).
• What occurred: RSU conversions (transaction code M) and shares withheld to satisfy tax liability (code F). Some entries show $0 for derivative disposals—these reflect the RSU-to-stock conversion.
• Shares issued on vesting: 153,449 total.
• Shares withheld for taxes: 87,131 shares at $74.66/share, totaling $6,505,200.
• Net shares delivered to insider: ~66,318 shares.
• Shares owned after transaction: Not disclosed in the filing.
• Notable footnotes: F7 indicates 140,574 RSUs (granted 3/1/2023) had performance conditions satisfied and time-based vesting completed 3/16/2026. Other footnotes (F3–F6) describe monthly vesting schedules for other grants. F1/F2 confirm RSUs convert one-for-one and shares were withheld to cover taxes.
• Filing timeliness: Filed within the Form 4 deadline (no late-report indication).

Context
RSU vesting creates taxable income; companies commonly withhold shares (a “sell-to-cover” or withholding) to meet tax obligations. This filing reflects that routine tax withholding rather than an intentional open-market sale by the insider. For retail investors, such vesting entries are informational about insider compensation timing but do not, by themselves, indicate a change in insider sentiment.