Form 4: CALM CFO Receives Restricted Stock Grant

Cal-Maine Foods' CFO, Max P. Bowman, reported the grant of 2,432 shares of restricted stock and the subsequent withholding of 903 shares for tax purposes.

Summary

• Max P. Bowman, CFO, Vice President, and Secretary/Treasurer of Cal-Maine Foods Inc. (CALM), reported transactions involving company common stock.
• On January 12, 2026, Bowman was granted 2,432 shares of time-vesting restricted stock at a price of $0 per share.
• These restricted shares are scheduled to vest on the third anniversary of the grant date.
• On January 13, 2026, 903 shares were disposed of at a price of $72.44 per share to cover taxes due upon the vesting of restricted stock.
• Following these transactions, Bowman directly beneficially owns 16,015 shares of common stock and indirectly owns 1,584 shares through a KSOP.

Sentiment

Score: 6

Explanation: Slightly positive due to the grant of restricted stock, which aligns executive incentives with long-term company performance. The tax withholding is a neutral, standard procedure.

Positives

• Max P. Bowman received a grant of 2,432 shares of time-vesting restricted stock, aligning his interests with long-term shareholder value.

Negatives

• 903 shares were withheld to cover tax obligations upon the vesting of restricted stock, which is a standard practice and not inherently negative.

Future Outlook

The 2,432 shares of restricted stock granted to Max P. Bowman are scheduled to vest on the third anniversary of the grant date, which is January 12, 2029.

Industry Context

This Form 4 filing details a routine executive compensation event for Cal-Maine Foods, a leading egg producer. Such grants are common across industries to incentivize long-term executive performance and align management interests with shareholder value, particularly in stable consumer staples sectors.

Comparison to Industry Standards

• The grant of restricted stock and subsequent tax withholding are standard practices for executive compensation in publicly traded companies.
• While specific comparable companies or projects are not detailed in this filing, this type of equity compensation is widely used by peers in the food and agriculture industry to retain and motivate key executives.

Stakeholder Impact

• Shareholders: The grant of restricted stock aligns the CFO's long-term interests with shareholder value. The tax withholding is a minor, routine event.
• Employees: No direct impact on general employees is indicated.
• Management: Max P. Bowman's compensation structure is enhanced with long-term equity incentives.

Next Steps

• The restricted stock granted on January 12, 2026, will vest on January 12, 2029.

Key Dates

Keywords

Cal-Maine Foods, CALM, Max P. Bowman, Restricted Stock, Insider Transaction, Form 4, Executive Compensation, Stock Grant, CFO