Schlitz Lei Zhang’s SEC Form 4 activity over the past year reveals a pronounced sell-side bias, concentrated almost entirely in Johnson Controls International (JCI). Across 40 total filings spanning two companies, Zhang recorded zero open-market purchases and roughly $18.2 million in open-market sales, all of which occurred on May 8, 2026. That single session saw four separate JCI dispositions totaling $12.5 million, including a $6.78 million sale, a $3.53 million sale, a $2.08 million sale, and a smaller $127,143 transaction. The sales were paired with two option exercises valued at $1.34 million and $2.52 million, a mechanical pattern that typically accompanies equity compensation vesting.
The remaining activity is dominated by non-discretionary events. Zhang received multiple JCI grants on December 5, 2025, valued at $3.11 million each, alongside tax-withholding dispositions (code F) totaling roughly $1.74 million. A subsequent December 8, 2025, tax withholding added another $186,268. At Archer-Daniels-Midland (ADM), the picture is almost entirely compensatory: a series of zero-value grants (code A) throughout late 2025 and 2026, paired with two January 2, 2026, sales back to the issuer (code D) of $280,969 each. No open-market ADM purchases or sales appear in the record.
The aggregate figures underscore the asymmetry: $18.17 million in open-market sales versus zero open-market buys, with $6.22 million in acquired value stemming from option exercises and equity awards. The recent trajectory—four sales in May 2026 and no purchases—points to consistent monetization of vested JCI holdings, while ADM activity remains limited to routine compensation mechanics. Whether this reflects portfolio diversification, tax planning, or other considerations is not discernible from the filings alone.
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