Hvid Kenneth 4

What Happened

• Kenneth Hvid, President & CEO (and Director) of Teekay Corp. (TK), exercised 165,151 derivative shares (options) at $10.18 per share (cost ≈ $1.68M) on June 11, 2026, and sold shares in the open market the same day. He sold a total of 315,335 shares (165,151 and 150,184) for combined proceeds of ≈ $3.90M. The filing shows a same-day exercise followed by sales, effectively a cashless exercise and sale.

Key Details

• Transaction date: June 11, 2026; Form 4 filed June 12, 2026 (timely).
• Exercise: 165,151 shares @ $10.18 each (reported cost $1,681,237).
• Open-market sales: 165,151 shares @ weighted avg $12.16 (proceeds ≈ $2,007,708; trades ranged $12.04–$12.27 per footnote) and 150,184 shares @ reported $12.59 (proceeds ≈ $1,890,817; filing footnote reports execution in multiple trades with prices ranging $12.00–$12.15).
• Total shares sold: 315,335; total proceeds ≈ $3,898,525. Net proceeds vs. exercise cost ≈ $2.22M (proceeds minus exercise cost).
• Shares owned after the transactions: not disclosed in the filing.
• Footnotes: sales executed in multiple trades; filing reports weighted-average sale prices and provides execution price ranges (see above).
• Filing timeliness: filed the next day — no late-filing flag reported.

Context

• This pattern (exercise of options and immediate sale) is commonly a cashless exercise: the insider exercises vested options and sells shares the same day to cover exercise costs/taxes or realize gains. Sales are routine insider activity and do not by themselves indicate company prospects.
• No 10%‑owner, gift, or award language is indicated; the filing reflects option exercise and open‑market sales by an executive.