CRAI Insider Brian Langan Exercises RSUs, Withholds Shares for Taxes

What Happened
Brian Langan (insider) converted/exercised 185.336 restricted stock units (RSUs) / derivative awards on August 4, 2026. Of the 185.336 shares resulting from the conversion, 2.336 shares were transferred to the issuer for $180.85 ($423) and 54.000 shares were withheld/used to satisfy tax obligations at $180.05 ($9,723). That leaves a net delivery to Langan of 129.000 shares (185.336 − 56.336). The filing shows the conversions as derivative exercises (code M) and the withholdings/issuer dispositions as tax-withholding/issuer disposition (codes F and D).

Key Details

• Transaction date: August 4, 2026; Form 4 filed August 10, 2026 (filed 6 days after the transaction; Form 4 is normally due within two business days).
• Conversions/exercise: 185.336 shares (derivative conversion, code M).
• Withholding/disposition: 2.336 shares sold/transferred to issuer at $180.85 for $423 (code D); 54.000 shares withheld for taxes at $180.05 for $9,723 (code F).
• Net shares delivered to insider: 129.000 shares. Approximate net value remaining to insider (using $180.05) ≈ $23,226.
• Shares owned after the transaction are not shown in the excerpt provided.
• Footnotes indicate these awards are RSUs (each RSU = one contingent share), include dividend-equivalent units, and reference future vesting schedules (see F1–F3 in the filing).
• Transaction codes: M = exercise/conversion of derivative; D = disposition to issuer; F = payment of exercise price or tax liability.

Context

• This looks like a net-share settlement / tax-withholding event on vested RSUs: the award converted to shares and a portion was withheld/sold to cover taxes and fees rather than an open-market sale. Such withholding is routine and aimed at satisfying tax obligations rather than signaling a view on company stock.
• No evidence in this filing of an open-market sale for investment purposes or a 10% owner transaction.