Houston Michael R.W. 4

What Happened

• Michael R.W. Houston, Senior Vice President & General Counsel of Tejon Ranch Co. (TRC), was granted 20,473 shares on 2026-03-24 (value $386,940 at $18.90/share). Concurrently, 8,541 shares were withheld to satisfy tax withholding obligations (disposition value $161,425). Net result: Houston retained 11,932 shares from the award, representing a net increase in holdings valued at about $225,515.

Key Details

• Transaction date: 2026-03-24; price per share: $18.90.
• Award/Acquisition (code A): 20,473 shares — total reported value $386,940.
• Tax withholding (code F): 8,541 shares withheld/disposed — value $161,425.
• Net shares retained from the award: 11,932 shares (net value ≈ $225,515).
• Shares owned after the transaction: not disclosed in the provided data.
• Filing date: 2026-03-24 (same day as the reported transactions) — no late filing flag noted.

Context

• This was a company grant/award, not an open-market purchase or sale. The withheld shares (F) reflect tax withholding to satisfy tax liabilities on the award — a common administrative step and not an independent sale decision by the insider.
• For retail investors, awards increase an insider’s stake but don’t necessarily signal a market-view change; tax-withholding disposals are routine.