GRINBERG EFRAIM 4

What Happened Efraim Grinberg, a 10% owner of Movado Group, exercised options to acquire 50,000 shares on 2026-06-23 at an exercise price of $16.87 per share (cash paid $843,500). To satisfy tax withholding, 36,713 of the shares were surrendered/sold at $38.69 per share (proceeds reported ~$1,420,426). A separate reporting line records a 50,000-share derivative conversion at $0.00, which reflects the mechanics of converting the option rather than a market sale. Net from this exercise he retained 13,287 shares (50,000 exercised minus 36,713 withheld), based on the filing lines.

Key Details

• Transaction date: 2026-06-23; Form 4 filed 2026-06-24 (appears timely).
• Exercise: 50,000 shares @ $16.87 = $843,500 (code M — option exercise/conversion).
• Tax withholding/disposition: 36,713 shares @ $38.69 = $1,420,426 (code F — tax withholding).
• Derivative conversion line: 50,000 shares @ $0.00 recorded as disposed (reflects option-to-share conversion, not a cash sale).
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Insider status: Grinberg is a 10% owner (not a company executive), which is a reportable large-owner transaction.

Context

• This appears to be a typical option exercise with a cashless/net-share settlement to cover withholding taxes: options were converted into shares, some shares were withheld/sold to cover taxes, and the remainder were retained.
• For retail investors: exercises indicate ownership acquisition (a form of insider purchase), but the tax-withholding sale is routine and does not necessarily signal a change in sentiment.
• As a 10% owner (rather than an officer), these trades are large-owner disclosures and should be interpreted differently than routine executive trading.