WOOD PHOEBE A

Phoebe A. Wood's 407-transaction Form 4 file tracks an executive whose eight board relationships — spanning LEG, CCE, IVZ, PPL, PXD, and three smaller positions — are all net-sell positions with the exception of PPL, which has produced zero sells and zero buys since 2021 and now serves as the file's primary active relationship. The recent filing record, which is dominated by PPL and LEG awards in the 100-400 range, has been interrupted by two outsized Code A events: a 16,532-share LEG award on February 28, 2025, and a 12,728-share IVZ award on May 15, 2025 — both large enough to qualify as retention or performance grants rather than routine vesting and both notably distant from the surrounding award sizes. For a file whose historical sell-side volume has been spread thinly across eight relationships, these two awards are the only source of directional volume that has not yet materialized into a sell-side filing, and the right watchlist signal is forward-looking: monitor LEG and IVZ calendar events from quarter-end 2025 for corresponding sell volume that may derive from these specific grant vintages. The recent PPL awards — 1,140-1,320 shares per quarter — are the file's only other active stream, and they arrive with the mechanical regularity of a pure accumulation calendar.