Oliver Bob 4

What Happened

• Oliver Bob, a director of Exelixis, exercised options and sold common stock on February 13, 2026. The filing shows he exercised 9,088 shares at $19.28 per share (cost ≈ $175,217) and completed open-market sales of 9,088 shares at $43.61 (≈ $396,328) and 21,162 shares at $43.90 (≈ $929,012). Total reported sale proceeds were about $1,325,340.
• The Form 4 also lists a derivative disposition of 9,088 shares at $0.00 (reported as "Disposed" in the filing). The transactions indicate a near-immediate sale after exercise (a cashless-style sequence).

Key Details

• Transaction date: 2026-02-13; Form 4 filed: 2026-02-18 (filed five days after the transactions; Form 4s are typically due within 2 business days, so this appears later than usual).
• Sales reported: 9,088 shares @ $43.61 (≈ $396,328) and 21,162 shares @ $43.90 (≈ $929,012). Footnote F2 notes sales occurred in multiple transactions with prices in the $43.90–$43.96 range and that the reporting person will provide breakdowns on request.
• Exercise reported: 9,088 shares acquired via option exercise @ $19.28 (≈ $175,217).
• Footnotes: F1 notes 18,900 RSUs will be issued to the reporting person upon vesting (each RSU equals one share). F3 notes the option covering 36,353 shares became fully exercisable on May 31, 2023.
• Shares owned after transaction: not provided in the supplied data (the Form 4 lists holdings, but that figure was not included here).

Context

• This appears to be an exercise followed by immediate open-market sales (commonly a cashless exercise or to cover exercise/tax obligations). Derivative/zero-dollar dispositions can reflect share tendering or withholding mechanics; the Form 4 shows the entries but does not explain the mechanics beyond the footnotes.
• These are routine insider transactions (option exercise + sales). Purchases generally signal stronger bullish intent than sales; here the key activity was converting options and selling shares, resulting in net cash proceeds.