Schmidt Michael Reed 4

What Happened

• Michael Schmidt, a director of Wealthfront Corp (WLTH), had 2,126 restricted stock units (RSUs) convert to 2,126 shares on June 15, 2026. The Form 4 reports an "exercise/conversion of derivative" (transaction code M) acquiring 2,126 shares at $0.00 and a simultaneous disposition of 2,126 shares at $0.00, with no cash amount reported. This is a conversion/settlement of RSUs rather than an open-market purchase or a straightforward sale.

Key Details

• Transaction date: June 15, 2026; Form 4 filed June 17, 2026 (filed promptly within the typical 2-business-day window).
• Reported prices/values: acquisition and disposition both listed at $0.00; total cash reported = $0.
• Shares owned after transaction: not reported on this Form 4.
• Footnotes from the filing:
  • F1: Each RSU converts to one common share upon settlement.
  • F2: The award vests 1/16 quarterly (March, June, September, December); first tranche vested March 15, 2026.
  • F3: These RSUs do not expire; they either vest or are cancelled before vesting.
• Transaction code M indicates exercise/conversion of a derivative (here, RSU settlement). The Form shows both acquisition and immediate disposition of the same number of shares; the filing does not state the reason for the disposition.

Context

• This is a vesting/settlement event for RSUs rather than a market buy or discretionary sale. Filings that show simultaneous acquisition and disposition of vested shares commonly reflect net settlement or share withholding for taxes, but the Form 4 does not specify the purpose here. Such routine RSU settlements are administrative and do not, by themselves, indicate a buy-side endorsement or a selling decision by the insider.