LENTZ MICHAEL E 4

What Happened
Michael E. Lentz, EVP, Development, D&C at Host Hotels & Resorts (HST), exercised 13,980 options and then sold 12,673 shares in an open‑market transaction on February 27, 2026. The option exercise recorded an acquisition of 13,980 shares at an exercise price of $16.87 per share (total cost $235,843). The open‑market sale disposed of 12,673 shares at $19.95 per share, generating proceeds of $252,826. The filing also shows the related derivative instrument was converted (13,980 shares disposed at $0), reflecting the options-to-shares conversion. Net of these reported lines, the transactions result in 1,307 shares retained from the exercise, and a gross difference of $16,983 between sale proceeds and exercise cost.

Key Details

• Transaction date: 2026-02-27
• Option exercise: 13,980 shares @ $16.87 = $235,843 (Acquired)
• Derivative conversion: 13,980 shares @ $0 = $0 (Disposed — conversion of the option)
• Open‑market sale: 12,673 shares @ $19.95 = $252,826 (Disposed)
• Net shares retained from these reported lines: 1,307 (13,980 acquired − 12,673 sold)
• Filing date: 2026-03-02 — filed within the SEC Form 4 deadline (not late)
• No 10b5‑1 plan or tax‑withholding specifics are shown in the provided data; the derivative conversion line is typical when options are exercised.

Context
When an insider exercises options and immediately sells a large portion of the resulting shares, it is often a cashless exercise (selling shares to cover the exercise cost and taxes). Such sales are commonly routine and do not by themselves indicate the insider’s long‑term view of the company. Purchases (or net increases in holdings) are generally more informative, but here Lentz retained a small number of shares after the transactions.