Subramaniam Rajesh 4

What Happened

• Rajesh Subramaniam, President/CEO and Director of FedEx, exercised stock options on Feb 18, 2026 to acquire 13,225 shares at an exercise price of $162.82 per share (exercise cost ≈ $2,153,295).
• As part of a net (cashless) exercise, FedEx withheld 8,330 of those shares to cover the exercise price and required tax withholdings at a reported value of $379.31 per share (≈ $3,159,611). After withholding, the net shares retained by Subramaniam were approximately 4,895.
• This was an option exercise (code M) with tax/withholding shares surrendered (code F), not an open-market purchase or sale of additional shares.

Key Details

• Transaction date: 2026-02-18; Form 4 filed 2026-02-20 (timely).
• Option exercise: 13,225 shares at $162.82 (total exercise cost ≈ $2,153,295).
• Withheld to cover taxes/exercise: 8,330 shares valued at $379.31 (≈ $3,159,611).
• Net shares delivered to insider: ~4,895 shares.
• Footnotes: F1 — shares were withheld by the issuer to pay exercise price and tax withholdings (net exercise). F2 — the options vest ratably over four years and are first exercisable one year after grant.
• Transaction codes: M = option exercise; F = tax/withholding. No late filing indicated.

Context

• This was a cashless/net exercise of options. Withheld shares were used to satisfy tax and exercise obligations rather than an outright market sale—common practice for option exercises.
• Such transactions reflect exercising existing compensation; they are not the same as a discretionary open-market purchase (which some investors view as a stronger bullish signal).