Teh Ban Seng 4

What Happened

• Teh Ban Seng, EVP & Chief Commercial Officer of Seagate Technology (STX), exercised 9,433 stock options at $101.34 each (total cost $955,940) and then sold shares in open-market transactions on January 29, 2026. The sales totaled 20,195 shares and generated approximately $8,931,994 in gross proceeds.
• The Form 4 also reports a derivative disposition of 9,433 shares at $0, which reflects the conversion/cancellation of the exercised options tied to that exercise.

Key Details

• Transaction date: January 29, 2026; Form 4 filed February 2, 2026 (filing flagged as late).
• Option exercise: 9,433 shares acquired at $101.34 each (total $955,940).
• Open-market sales (total 20,195 shares; aggregate proceeds ≈ $8,931,994):
  • 9,414 shares sold at a weighted avg $440.24 (trades ranged $439.32–$440.31) — proceeds ≈ $4,144,392. (F2)
  • 1,348 shares sold at a weighted avg $440.49 (trades ranged $440.33–$440.54) — proceeds ≈ $593,785. (F3)
  • 9,433 shares sold at $444.59 — proceeds ≈ $4,193,817.
• Footnotes:
  • F1: 161 ordinary shares were purchased under the company ESPP on Jan 31, 2026; that acquisition is exempt from Form 4 reporting per Rule 16b-3.
  • F4: The exercised options are governed by a four-year vesting schedule (one-quarter vested Sept 9, 2025; remainder vests monthly over the next three years).
• Shares owned after the transactions are not specified in the provided excerpt.

Context

• This is a common pattern where an executive exercises vested options and sells shares (often described as a cashless or simultaneous sale). The filing shows the exercise and immediate open-market sales on the same date, producing substantial gross proceeds.
• The filing was submitted a few days after the trades (filed Feb 2 for Jan 29 transactions) and is marked late; late filings can delay public disclosure but do not by themselves indicate anything about intent or company performance.