Teh Ban Seng 4

What Happened

• Teh Ban Seng, Executive Vice President & Chief Commercial Officer of Seagate Technology (STX), had 5,905 Performance Share Units (PSUs) convert into 5,905 ordinary shares effective Feb 20, 2026. The Form 4 reports an exercise/conversion of a derivative (transaction code M) showing 5,905 shares acquired at $0.00 and a corresponding disposal entry for the derivative instrument at $0.00. No cash purchase or open-market sale is reported.

Key Details

• Transaction date: February 20, 2026 (filed with the SEC on February 23, 2026).
• Reported price: $0.00 per share (exercise/conversion of PSUs), total cash paid reported as $0.
• Shares owned after transaction: Not specified in the filing.
• Footnote: The Compensation and People Committee determined on Jan 24, 2026 that performance conditions were met for the 5,905 PSUs granted on Feb 20, 2024; those PSUs vested on Feb 20, 2026 (see footnote F1).
• Timing: Form 4 was filed Feb 23, 2026 — within the typical 2-business-day Form 4 reporting window.
• Transaction codes: M = exercise/conversion of derivative (PSU converted to ordinary shares).

Context

• This was a vesting/conversion of compensation (PSUs), not a market buy or sale. Such vesting is a routine compensation event and does not by itself indicate an insider buying or selling in the open market.
• The filing does not show an immediate sale of the vested shares. The separate "disposed" line reflects the conversion/disposition of the derivative award instrument, not an open-market sale of the underlying shares.