Tapiero Jacques 4

What Happened

• Director Jacques Tapiero exercised/converted derivatives to acquire 5,000 McCormick (MKC) shares on 2026-02-05 (recorded purchase value $249,800 at $49.96/share) and sold 5,000 shares the same day in an open-market sale for $67.09/share (proceeds $335,450). The filing also shows a derivative conversion/settlement line at $0 and a subsequent grant of 2,598 restricted stock units (RSUs) on 2026-02-06 (no cash paid). The same-day exercise and sale is effectively a cashless exercise followed by a sale (sale proceeds exceed the exercise cost).

Key Details

• Transaction dates and prices:
  • 2026-02-05: Exercised/conversion (M) 5,000 shares @ $49.96 — cost $249,800 (Acquired).
  • 2026-02-05: Open-market sale (S) 5,000 shares @ $67.09 — proceeds $335,450 (Disposed).
  • 2026-02-05: Exercise/conversion (M) 5,000 shares @ $0.00 — listed as a derivative disposition (no cash value).
  • 2026-02-06: Grant/award (A) 2,598 RSUs @ $0.00 — reported as an acquisition of a contingent right.
• Shares owned after transaction: Not specified in the information provided in this summary (see filing for total beneficial ownership).
• Footnotes of note:
  • F1: Phantom stock = right to receive one voting share; payable in shares under the Non‑Qualified Retirement Savings Plan.
  • F2: Option exercised; no purchase price required for that entry (explains the $0.00 exercise line).
  • F3: Each RSU is a contingent right to one share.
  • F4: The RSUs vest in full on 2027-02-15 and will be settled in McCormick shares.
• Filing timeliness: Transaction reported on Form 4 filed 2026-02-09 for transactions on 2026-02-05. That filing date appears timely (filed within the standard reporting window).

Context

• This was an exercise/conversion of derivative awards followed by an immediate open‑market sale of the same number of shares — a common cashless-exercise pattern where options/derivatives are converted and shares are sold to cover costs or take gains. The RSU grant is a separate award that vests in Feb 2027 and will convert into shares at vesting; it does not represent an immediate purchase or sale. As always, filings state transactions but do not explain the insider’s motives.