J M Smucker (SJM) CFO Marshall Tucker Exercises Options, Sells Shares

What Happened Marshall Tucker, Chief Financial Officer of J. M. Smucker Co. (SJM), exercised stock options on August 28, 2026 to acquire a total of 18,482 shares (7,389 + 11,093). He immediately sold those shares in open-market transactions the same day. The exercised options cost him $2,200,383 in aggregate (7,389 @ $108.90 = $804,662; 11,093 @ $125.82 = $1,395,721) and the sales generated approximately $2,440,547 in gross proceeds (7,389 sold at a weighted avg $132.26 ≈ $977,269; 11,093 sold at a weighted avg $131.91 ≈ $1,463,278). This sequence (exercise followed by same-day sale) is effectively a cashless exercise and sale.

Key Details

• Transaction date: August 28, 2026 (Form 4 filed August 31, 2026; filing marked late)
• Options exercised: 7,389 at $108.90 and 11,093 at $125.82
• Shares sold: same-day open-market sales of 7,389 and 11,093 shares
• Aggregate exercise cost: $2,200,383; aggregate sale proceeds: ~$2,440,547 (net difference ≈ $240,164 before taxes/fees)
• Sale price details: 7,389 sold at weighted avg $132.26 (range $132.25–$132.33 per F1); 11,093 sold at weighted avg $131.91 (range $131.83–$132.28 per F2)
• Vesting info: options were from prior grants (FY2020 and FY2023) that vested in three equal annual installments (see F3 & F4)
• Shares owned after transaction: not specified in the provided filing
• Timeliness: filing indicates late (filed Aug 31 for Aug 28 transaction)

Context When an insider exercises options and immediately sells the shares, it’s commonly a cashless exercise or liquidity event rather than a long-term buy signal. The filing shows vested options exercised (per footnotes) and same-day sales, which is routine for many executives to realize option value or cover exercise/tax obligations. The late filing is procedural and should be noted, but the reported trades themselves are straightforward and disclosed.