Seagate (STX) EVP Teh Ban Seng Exercises Awards and Sells Shares

What Happened

• Teh Ban Seng, Executive Vice President & Chief Commercial Officer of Seagate Technology (STX), reported conversion of 52,730 performance-based awards into ordinary shares on 2026-09-14 (no cash cost), and the sale of those 52,730 shares in multiple open‑market trades on 2026-09-15.
• The sales were executed at prices ranging roughly from $771.38 to $800.47 per share (weighted-average prices reported for grouped trades), producing total proceeds of approximately $41.24 million.
• This was not a purchase (no bullish signal); it reflects settlement of vested Performance Share Units (PSUs) followed by sales.

Key Details

• Transaction dates: conversion/settlement 2026-09-14; open‑market sales 2026-09-15. Form 4 filed 2026-09-16 (timely).
• Shares converted/received: 52,730 (PSUs vested and were settled into Ordinary Shares; footnotes F1 & F25).
• Shares sold: 52,730 (multiple trades; aggregate proceeds ≈ $41,239,131).
• Price range reported in transaction lines: ~$771.38 to $800.47 per share; many sales reported as weighted averages with trade ranges in footnotes (F3–F24).
• Notable footnotes: sales were effected pursuant to a Rule 10b5-1 trading plan adopted Feb 11, 2026 (F2); PSU vesting/settlement and related certification noted (F1, F25). Several footnotes state weighted‑average/price range details and offer to provide full trade-level info on request.
• Shares owned after the reported transactions: not provided in the material you supplied.

Context

• The filing shows a conversion/settlement of performance awards (a non‑cash issuance) followed by immediate sale of those shares — functionally a cash‑out of vested compensation rather than a market purchase. The use of a pre-established 10b5‑1 plan indicates the sales were pre‑scheduled, which is common for executives selling vested awards to cover tax or diversify.
• No indication of late filing in the provided data; the Form 4 was filed within the typical two-business-day window.