Director Teri List receives new RSU grant at Microsoft (NASDAQ: MSFT)

Rhea-AI Filing Summary

List Teri reported acquisition or exercise transactions in this Form 4 filing.

MICROSOFT CORP director Teri List received a new equity award in the form of restricted stock units. She was granted 52.0100 restricted stock units, each representing a contingent right to receive one share of Microsoft common stock. These units are fully vested, and any dividend equivalent rights will accrue and become exercisable in step with the related units. Delivery of the underlying shares will occur 30 days after her separation from service on the Board of Directors. Following this award, she holds 23,020.848 restricted stock units, 145 shares of common stock directly, and 2,802 shares indirectly through a trust.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

List Teri

(Last) (First) (Middle)

C/O MICROSOFT CORPORATION

ONE MICROSOFT WAY

(Street)

REDMOND WA 98052-6399

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MICROSOFT CORP [ MSFT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/12/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								145	D
Common Stock								2,802	I	By Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	03/12/2026		A		52.01(2)		(3)	(3)	Common Stock	52.01	$0	23,020.848	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of Microsoft common stock.

2. Dividend equivalent rights accrue when and as dividends are paid on the Company's common stock and become exercisable proportionately with the restricted stock units to which they relate.

3. The restricted stock units are fully vested. Delivery of the shares to the reporting person will be made 30 days after the date of the reporting person's separation from service to the Board of Directors.

	Julia Stark, Attorney-in-fact for Teri List	03/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did Microsoft (MSFT) director Teri List report?

Teri List reported receiving 52.0100 restricted stock units in Microsoft. Each unit represents a right to one common share, bringing her total restricted stock units to 23,020.848, alongside 145 directly held shares and 2,802 shares held indirectly through a trust.

How many Microsoft (MSFT) restricted stock units does Teri List hold after this filing?

After the reported grant, Teri List holds 23,020.848 restricted stock units in Microsoft. These units are fully vested and each corresponds to one common share, with dividend equivalents accruing alongside the units as dividends are paid on the company’s common stock.

When will Teri List receive Microsoft (MSFT) shares from her restricted stock units?

The shares underlying Teri List’s restricted stock units will be delivered 30 days after her separation from service on Microsoft’s Board. Although fully vested now, settlement of the units into common stock is deferred until that post-service delivery date.

How are dividend equivalent rights treated on Teri List’s Microsoft (MSFT) restricted stock units?

Dividend equivalent rights accrue on Teri List’s restricted stock units when Microsoft pays dividends on its common stock. These rights become exercisable proportionately with the related units, effectively mirroring dividend treatment that common shareholders receive over the life of the units.

What Microsoft (MSFT) common stock does Teri List hold directly and indirectly?

Teri List holds 145 Microsoft common shares directly and 2,802 shares indirectly through a trust. These holdings are separate from her 23,020.848 restricted stock units, which represent additional rights to receive common shares in the future, subject to settlement terms.