Teekay Corp (TK) CEO Kenneth Hvid Exercises Options, Sells Shares

What Happened
Kenneth Hvid, President & CEO and Director of Teekay Corp (TK), exercised 132,884 vested options at $5.81 per share (total cost $772,056) and immediately sold those 132,884 shares in the open market for a weighted-average price of $14.28 per share (total proceeds $1,897,597). Net of the exercise cost, the transaction generated roughly $1.13 million in gross proceeds. This is an exercise-plus-sale (cashless) transaction rather than a new open-market purchase.

Key Details

• Transaction date: 2026-09-11.
• Options exercised: 132,884 shares at $5.81 each = $772,056 (recorded as exercise/conversion of derivative).
• Shares sold: 132,884 shares at weighted-average $14.28 each = $1,897,597. Footnote: sale trades ranged $14.25–$14.355; $14.28 is the weighted average.
• Net proceeds (sale minus exercise cost): ~ $1,125,541.
• Shares owned after the transaction: Not provided in the supplied filing details.
• Filing timeliness: Report filed with the SEC on 2026-09-11 for transactions on 2026-09-11 (appears timely).
• No 10b5-1 plan, tax-withholding, or other special instructions noted in the provided information.

Context
This was a standard option exercise followed by an immediate sale of the resulting shares (common "cashless" exercise). Such transactions often reflect option vesting and liquidity needs or routine portfolio management; they do not, by themselves, indicate a change in the CEO’s long-term view of the company.