GULDNER JEFFREY B.

Jeffrey B. Guldner, Chairman, President and CEO, has filed 36 Form 4 transactions across three companies, but the pattern is overwhelmingly one of compensation-driven activity rather than discretionary trading. Over the tracked period, he recorded zero open-market purchases and zero open-market sales. Instead, his total sell-side value of roughly $1.45 million came entirely from automatic or mechanical events: shares withheld to cover tax obligations (code F) and sales back to the issuer (code D). His only inflows were $323,023.59 in equity grants (code A) and option exercises (code M) valued at zero, which typically precede the tax-withholding sales. The most concentrated activity occurred on February 20, 2025, across PNW (Pinnacle West Capital), where Guldner executed a cluster of option exercises and corresponding tax-withholding dispositions. That single day saw multiple code F transactions totaling approximately $784,071 and code D sales back to the issuer worth about $128,530. A larger event on March 18, 2025, involved a PNW grant (code A) with no value, paired with a $1.1 million sale back to the issuer and a $3.29 million tax-withholding event—the largest single disposition in the dataset. These are standard post-vesting mechanics, not directional bets. More recent filings show a shift to DUK (Duke Energy), with two compensation grants: $200,041.74 on May 7, 2026, and $122,981.85 on September 15, 2025. A zero-value grant on NXT (Nextracker) in August 2025 rounds out the activity. Across all three tickers, Guldner has not initiated a single open-market buy or sell, indicating his insider activity is entirely passive—driven by equity compensation schedules and tax obligations rather than conviction-based trading.