Schjotz Gitte 4

What Happened

• Gitte Schjotz, Executive Vice President & Chief Business Operations and Innovation Officer, exercised 22,340 options on May 7, 2026 at an exercise price of $28.34 per share, costing $633,116. The exercise resulted in the conversion/cancellation of the derivative security. To cover tax/withholding obligations, 6,370 shares were surrendered/withheld (coded F) with an imputed value of $633,242 (reported at $99.41 per share). Separately, she sold 8,000 shares in an open-market transaction (coded S) at a weighted average price of $103.96, generating approximately $831,647.

Key Details

• Transaction date: May 7, 2026; Form 4 filed May 11, 2026 (appears timely).
• Exercise (code M): 22,340 shares acquired at $28.34 (total $633,116).
• Withholding/payment (code F): 6,370 shares surrendered at $99.41 (total $633,242) to cover exercise price/taxes.
• Open-market sale (code S): 8,000 shares sold at a weighted avg $103.96 (total ~$831,647). Footnote: sale prices ranged $103.95–$104.50; the filing reports the weighted-average price and offers to provide the breakdown on request.
• Shares owned after the transactions: not specified in the information provided in this summary.

Context

• This is a common "cashless exercise" pattern: options were exercised and some of the resulting shares were withheld or sold to cover taxes/fees, while additional shares were sold in the open market for cash. Such transactions record insider liquidity rather than a clear buy/sell signal about company prospects.
• Codes: M = option exercise, F = payment/withholding, S = open-market sale. No 10% owner or gift transaction reported.