Newby Matt, Executive Vice President and General Counsel at Eagle Materials Inc. (EXP), has maintained a consistent pattern of insider activity over the past year, with all 40 of his reported Form 4 transactions concentrated in a single company. The filings reveal a clear directional bias: zero open-market purchases and zero acquisitions, against roughly $1.45 million in total sales. However, the composition of those sales matters more than the headline figure.
The bulk of the dollar value flowed through code "F" transactions—shares withheld to cover tax obligations on vesting equity awards. These are automatic, not discretionary, and appear regularly: $43,808 on March 31, 2026, $103,559 on May 18, 2026, and $43,379 on May 22, 2026, among others. Each "F" event pairs with a corresponding "M" (option exercise) or "A" (grant) transaction, such as the $108,900 exercise on March 31 and the $111,314 exercise on May 22. The largest single tax-withholding event was $164,621 on March 31, 2026, coinciding with a vesting tranche.
Notably, there are no code "S" open-market sales in the recent filings, meaning Matt has not liquidated shares for discretionary reasons during this period. The pattern is mechanical: equity compensation vests, options are exercised, and shares are immediately clawed back to cover taxes. The most recent entries—three code "A" grants on July 20, 2026, each valued at zero—are routine compensation awards. In short, Matt's Form 4 history reflects a standard executive compensation cycle, not a directional bet on EXP's stock.
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