GRINBERG EFRAIM 4

What Happened

• Efraim Grinberg, a 10% owner of Movado Group Inc. (MOV), exercised 100,000 stock options on 2026-04-16 at an exercise price of $16.87 per share, costing $1,687,000. At the same time, 80,817 shares were withheld/ disposed to cover tax liability at an implied value of $27.08 per share (≈ $2,188,524). The filing also records a conversion/disposition of 100,000 derivatives at $0.00, reflecting the cancellation/conversion of the options upon exercise. Net new shares retained by Grinberg after withholding = 19,183 shares (100,000 exercised − 80,817 withheld).

Key Details

• Transaction date: 2026-04-16; Form 4 filed: 2026-04-17 (timely).
• Option exercise: 100,000 shares acquired at $16.87; total cash cost ≈ $1,687,000.
• Tax withholding: 80,817 shares disposed at $27.08 (value reported ≈ $2,188,524) to satisfy tax liability (code F).
• Derivative conversion: 100,000 shares reported disposed at $0.00 (code M) — indicates options were converted/cancelled on exercise.
• Shares owned after transaction: not specified in the provided excerpt.
• Insider status: 10% owner (large shareholder), not an executive officer; transaction codes: M = option exercise/conversion, F = tax withholding.

Context

• This was effectively a cashless-style option exercise: options were exercised and a portion of the newly issued shares were withheld to cover taxes rather than selling shares on the open market. For retail investors, exercises with withholding are common and do not necessarily signal a view on the stock; note also that as a 10% owner, Grinberg is a large holder rather than necessarily an operating executive.