Flexsteel (FLXS) CFO Michael Ressler Exercises Options, Withholds Shares

What Happened

• Michael J. Ressler, Chief Financial Officer of Flexsteel Industries (FLXS), exercised stock options on 2026-08-28 to acquire 2,298 shares (two exercises: 774 shares at $45.21 and 1,524 shares at $32.80), paying $34,993 and $49,987 respectively (total $84,980).
• To satisfy tax withholding/exercise obligations, 1,039 of the newly issued shares were withheld/treated as disposed (428 shares valued at $81.80 for $35,010 and 611 shares at $81.80 for $49,980). The underlying option instruments were canceled (reported as derivative dispositions at $0.00).
• Net result: Ressler retained 1,259 shares from this transaction (2,298 acquired minus 1,039 withheld). This is an exercise (acquisition) rather than an open-market buy; the withheld shares are a routine sell-to-cover for taxes.

Key Details

• Transaction date: 2026-08-28; Filing date: 2026-09-01 (filed timely within required Form 4 window).
• Option exercise details: 774 shares @ $45.21 (paid $34,993); 1,524 shares @ $32.80 (paid $49,987).
• Withholding/tax dispositions: 428 shares @ $81.80 ($35,010); 611 shares @ $81.80 ($49,980).
• Derivative cancellation: 774 and 1,524 option units reported disposed at $0.00 (standard on exercise).
• Shares owned after transaction: not specified in the excerpted data (filing did not disclose cumulative holdings here).

Context

• This was an options exercise with a sell-to-cover/withholding to cover taxes or exercise-related obligations — a common, administrative outcome that increases the insider’s net shares (here +1,259) while using some issued shares to pay withholding.
• Transaction codes: M = option exercise/conversion; F = payment of exercise price or tax liability. Such exercises are different from open-market purchases and often reflect planned option exercises rather than a fresh bullish buy signal.