Old Republic (ORI) EVP Stephen Oberst Exercises Options, Sells Shares

What Happened
Stephen J. Oberst, Executive Vice President of Old Republic International Corp. (ORI), exercised a total of 208,000 stock options on July 28, 2026 (multiple option blocks). The exercises reflected aggregate strike payments of about $4.48 million. As part of a net (cashless) exercise, the issuer withheld 150,068 shares (valued at $6,463,429) to cover the exercise price and tax withholdings. Separately, Oberst sold 13,125 shares in the open market for total proceeds of $576,975 (weighted average price $43.96; trades ranged $43.95–$43.975).

Key Details

• Transaction date: July 28, 2026; Form 4 filed July 30, 2026 (timely filing).
• Options exercised (by block): 21,000 @ $19.98; 24,000 @ $20.98; 28,000 @ $21.12; 15,000 @ $21.99; 55,000 @ $22.72; 65,000 @ $21.30. Aggregate strike cost ≈ $4,478,410.
• Withheld shares to cover exercise price/taxes: 150,068 shares @ $43.07 = $6,463,429 (net exercise / tax withholding; footnote F1).
• Open-market sale: 13,125 shares sold at weighted avg $43.96 for $576,975 (range $43.950–$43.975; footnote F2).
• Net shares issued to Oberst after withholding and sale: 208,000 exercised − 150,068 withheld − 13,125 sold = 44,807 shares retained from this exercise.
• Vesting: the underlying grant vested on a multi-year schedule (10% first year, 15% second, 20% third, 25% fourth, 30% fifth) per footnote F3.
• Filing timeliness: reported within two days of the transactions (no late filing indicated).

Context
This was a typical option exercise with a net (cashless) settlement: options were converted into shares, the company withheld a large block of shares to satisfy the option strike and tax withholding obligations, and a small portion was sold in the open market. Exercises and routine net-withholdings are common executive compensation events and do not, by themselves, indicate a change in insider sentiment.