Rakow Joseph 4

What Happened

• Joseph Rakow, Group Vice President at Exponent (EXPO), had 5,298 vested Restricted Stock Units (RSUs) convert into common stock on March 11, 2026 (1:1 conversion per grant). To satisfy tax withholding, 2,353 of those shares were withheld by the company at $70.03 per share, producing a withholding value of $164,781. The net shares issued to Mr. Rakow from this conversion were 2,945 shares.
• This was not an open-market purchase or a voluntary sale of existing shares; it was the routine settlement of vested RSUs and tax withholding (conversion and net-settlement).

Key Details

• Transaction date: March 11, 2026. Filing date: March 13, 2026.
• Conversion: 5,298 vested RSUs converted to 5,298 shares of Common Stock (footnote F1: original grant date March 11, 2022; 1:1 conversion).
• Tax withholding: 2,353 shares were withheld (code F) at $70.03 per share for $164,781 (footnote F3: shares withheld to satisfy tax obligations).
• Net shares delivered to the insider: 2,945 shares (5,298 converted − 2,353 withheld).
• Transaction codes on the Form 4: M = conversion/exercise of derivative (RSU conversion), F = shares withheld for tax obligation.
• No indication of a 10% ownership, 10b5-1 plan, or late filing flag in this report.

Context

• Converting RSUs into shares is a common occurrence when RSUs vest. Withholding shares to cover taxes is a routine administrative step (a form of "net settlement") and does not necessarily signal a buy/sell decision by the insider.
• For retail investors, purchases are often more informative than routine conversions/withholdings; this filing mainly documents compensation settlement and tax withholding rather than active trading.