Bio‑Techne (TECH) SVP Shane Bohnen Exercises Options, Withholds Shares

What Happened

• Shane Bohnen, SVP and General Counsel of Bio‑Techne (TECH), reported a series of derivative exercises/conversions and related share dispositions on 2026-08-15. The filing shows an exercise/conversion (code M) that resulted in 4,350 shares being issued to him (listed as acquired at $0.00). A tax-withholding event (code F) shows 1,343 shares withheld at $72.40 per share to cover tax liability, valued at $97,233.
• The Form 4 also reports multiple zero-dollar derivative transactions (several M-coded exercises/conversions shown as disposed) and dispositions to the issuer (code D) for 12,117 and 4,502 shares. These zero-dollar entries reflect share surrender/net settlement or immediate disposition of derivative awards as reported on the form.

Key Details

• Transaction date: 2026-08-15. Form 4 filed: 2026-08-18 (filing appears timely).
• Reported entries include:
  • M (exercise/conversion) — 4,350 shares acquired @ $0.00
  • F (tax withholding/payment) — 1,343 shares withheld/disposed @ $72.40 = $97,233
  • M (exercise/conversion) — disposed: 49; 300; 1,669; 2,332 shares (all $0.00)
  • D (disposition to issuer) — disposed: 12,117 and 4,502 shares (both $0.00)
• Shares owned after these transactions: not disclosed in the provided extract of the filing.
• Transaction codes: M = option exercise/conversion of derivative; F = shares withheld to satisfy tax/exercise obligations; D = disposition/surrender to the issuer.

Context

• The pattern of zero-dollar M and D entries plus the tax-withholding (F) strongly suggests net/cashless settlement and share surrender to satisfy taxes or exercise obligations (common when options/RSUs vest or are exercised). The filing includes footnotes indicating various vesting schedules and performance-based awards (e.g., fully exercisable awards, scheduled vesting, performance vesting, and some discretionary vesting/forfeitures — see F1, F5–F13, F6–F7).
• This activity is largely administrative (exercises/settlements and withholding) rather than an open‑market buy or sale; tax-withholding disposals (F) are routine and not necessarily a market sentiment signal.