F. Nicholas Grasberger III, Chairman, President, and CEO, has maintained a consistent disposition toward selling in his SEC Form 4 filings, with open-market sales totaling approximately $5.63 million against just $1.71 million in open-market purchases across 51 transactions. The selling activity is concentrated in NVRI, where Grasberger has executed a series of transactions throughout 2026, including tax-withholding dispositions (code F) that reached $1.26 million on May 20, $1.40 million on March 13, and smaller amounts in early March. These F-code transactions, which represent shares withheld to cover tax obligations following option exercises (code M), are mechanical in nature rather than discretionary sales, but they nonetheless account for the bulk of the dollar volume in the recent filings.
The most recent cluster of filings, dated June 1, 2026, consists entirely of code D transactions—sales back to the issuer—all valued at $0, suggesting nominal or administrative transfers rather than meaningful monetization. Grasberger's only open-market purchase activity appears in the aggregate data, with no recent P-code transactions in the last several months, indicating a pause in discretionary buying. His holdings span two companies, with NVRI representing the overwhelming majority of activity and a single LPX grant (code A) on May 8, 2026, which is compensation rather than a conviction purchase.
The pattern reveals a CEO who is consistently reducing his NVRI position through both automatic tax-related sales and direct dispositions, while showing no recent appetite for adding shares at current levels. The absence of any recent open-market buys, combined with the steady stream of S and F transactions, points to a net seller bias over the observed period. The $0-value D transactions on June 1 are notable for their volume—ten separate filings—but their lack of monetary value suggests they are structural or administrative in nature rather than economically significant.
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