Galbraith Daniel 4

What Happened
Daniel Galbraith, President of The Baldwin Group and CEO, Retail Brokerage Operations (and member of a 10% owner group), had a total of 958 Class A common shares withheld by the issuer to satisfy income tax withholding obligations related to the vesting of restricted stock. The withholding occurred on March 15, 2026, at a price of $21.06 per share, totaling $20,175 (556 shares / $11,709 and 402 shares / $8,466).

Key Details

• Transaction date: 2026-03-15; Form 4 filed: 2026-03-17 (filed within the usual two-business-day window).
• Price per share: $21.06. Total shares withheld: 958. Total value: $20,175.
• Shares owned after transaction: not specified in the provided filing.
• Footnotes: F1 and F2 indicate the withheld shares satisfied tax withholding for restricted Class A stock that vested under prior awards reported on Form 4s filed April 5, 2022 (F1) and May 5, 2021 (F2).
• Transaction code: F = tax withholding (not an open-market sale or purchase).

Context
This was a routine tax-withholding event tied to the vesting of previously granted restricted stock — a mechanical disposition by the issuer to cover taxes rather than a voluntary sale that signals insider sentiment. As a member of a 10% owner group and a company executive, Galbraith’s withholding reflects compensation vesting, not an independent investment decision.