Kaye Jack 4

What Happened

• Director Kaye Jack exercised options to acquire 21,167 shares (4,107 shares at $37.00 and 17,060 shares at $20.18), paying approximately $496,230 in exercise costs. The same day she sold those 21,167 shares in the open market for total gross proceeds of about $983,030 (4,107 shares at a weighted avg $46.49 and 17,060 shares at a weighted avg $46.43).
• The filing also shows derivative "Disposed" entries at $0 for the same share amounts, which reflect the mechanics of the option conversion/settlement reported on the Form 4 (no cash proceeds associated with those zero‑price derivative entries).

Key Details

• Transaction date: 2026-06-30 (reported on Form 4 filed 2026-07-02). No late filing flag noted in the provided data.
• Option exercises: 4,107 shares at $37.00 (cost $151,959); 17,060 shares at $20.18 (cost $344,271). Both options had previously vested (one vested Feb 25, 2022; the other vested June 13, 2024).
• Open‑market sales: 4,107 shares at a weighted avg $46.49 (sale prices ranged $46.19–$46.88); 17,060 shares at a weighted avg $46.43 (sale prices ranged $46.19–$46.80).
• Gross proceeds from sales: ≈ $983,030. Total exercise cash paid: ≈ $496,230.
• Plan/footnote: Transactions were effected under a prearranged Rule 10b5‑1 sales plan adopted June 16, 2025 (per footnote).
• Shares owned after transaction: not disclosed in the provided excerpt.

Context

• This was effectively a same‑day exercise and sale (commonly a cashless-like outcome): options were exercised and the resulting shares were sold under a 10b5‑1 plan, so the net economic action is a sale rather than an additional open‑market purchase.
• Sales under 10b5‑1 plans are prearranged and routine for insiders; they do not necessarily signal a change in insider outlook.