DEMARSILIS SALLIE A 4

What Happened

• Sallie A. DeMarsilis, Chief Financial Officer of Movado Group Inc. (MOV), exercised 13,660 stock options on 2026-06-18 at an exercise price of $23.35 per share, representing $318,961 in exercise value.
• To cover taxes/withholding, 11,005 shares were surrendered/withheld (code F) at a reported value of $38.38 per share, totaling $422,372. The net result appears to be an increase of 2,655 shares (13,660 acquired minus 11,005 withheld).
• The filing also records a derivative conversion entry (code M) for 13,660 shares at $0.00, reflecting the options being converted into shares.

Key Details

• Transaction date: 2026-06-18; Filing date: 2026-06-23 (filing flagged as late).
• Exercise: 13,660 shares @ $23.35 = $318,961 (code M, acquired).
• Tax/withholding: 11,005 shares @ $38.38 = $422,372 (code F, disposed/surrendered).
• Derivative conversion entry: 13,660 shares @ $0.00 (code M, disposed) — indicates options converted.
• Shares owned after the transaction: not specified in the filing.
• No 10b5-1 plan or other special instructions are indicated in the reported transactions; the filing was late (reduces timeliness of disclosure).

Context

• This appears to be a cashless-style option exercise: options were converted into shares and a large portion of those shares were withheld to satisfy tax and/or exercise obligations. That is a routine administrative step and not the same as an open-market sale.
• Exercises are neither a clear bullish nor bearish signal on their own; they show the insider is converting vested options into stock. Late filing means investors received the disclosure after the transaction date.