GULIS STEPHEN L JR

Stephen Gulis Jr.'s 575-transaction Form 4 file follows the standard long-tenure liquidation arc at Wolverine World Wide (WWW) — 428,650 shares sold across 378 transactions between 2003 and 2024 against zero buys — but its recent window breaks the award-only pattern with a series of SNBR Code A awards that have grown from single thousands to 49,746 shares between 2022 and 2025. The IBCP relationship adds mechanical quarterly awards of 450-650 shares that behave like calendar dividends; the SNBR relationship adds clustered larger awards that land primarily in May (2,370+4,195 in 2023, 5,457 in 2024, 9,776 in 2025, 49,746 in November 2025) and carry the shape of retention or promotion grants rather than routine vesting. The 49,746-share November 2025 award is the largest single Code A transaction in the recent window and the event most likely to produce a future sell-side filing when holding-period constraints lapse. The right watchlist question is whether SNBR awards continue at this scale, because their size and irregularity suggest they are compensation events that will eventually translate into disposition filings — and the time lag between grant and sell is the window a calendar-based watch catches before headline news does.