Balachandran Madhavan 4

What Happened

• Director Balachandran Madhavan exercised two option grants on 2026-06-17 (5,295 shares at $31.71 = $167,904; 6,390 shares at $19.39 = $123,902), acquiring a total of 11,685 shares at an aggregate exercise cost of $291,806.
• The same day he sold all 11,685 shares in open-market transactions (5,295 sold at a weighted avg $47.08 for $249,289; 4,700 sold at a weighted avg $43.66 for $205,202; 1,690 sold at a weighted avg $42.60 for $71,994), producing total gross proceeds of $526,485.
• Net proceeds (gross sales minus exercise cost) were about $234,679. Two zero-dollar “Disposed” entries reflect the exercise/conversion of the derivative awards for reporting purposes.

Key Details

• Transaction date: 2026-06-17; Form 4 filed: 2026-06-22 (filed after the typical 2-business-day window).
• Transaction codes: M = exercised/conversion of derivative; S = open-market sale.
• Price details / ranges per footnotes: 5,295 shares sold at weighted avg $47.08 (range $47.00–$47.36); 4,700 at weighted avg $43.66 (range $43.12–$43.95); 1,690 at weighted avg $42.60 (range $42.50–$42.93).
• Shares owned after the transactions: not provided in the materials you supplied.
• Footnotes: sales were effected under a 10b5‑1 trading plan adopted March 10, 2026 (prearranged sales). The exercised options vested in full on Jan 25, 2020 and Jan 26, 2019 (per filing).

Context

• This was effectively a cashless exercise: options were exercised and the resulting shares were immediately sold the same day. That pattern is commonly used for liquidity (paying exercise costs and taxes) and, combined with a 10b5‑1 plan, indicates prearranged sales rather than opportunistic trading based on new company information.
• For retail investors: purchases are often more informative about insider conviction; this filing documents routine, preplanned insider liquidity rather than an incremental buy signal.