Maness Paul 4

What Happened Paul Maness, TAT Tulsa General Manager, executed a same-day exercise-and-sale on June 17, 2026. He exercised 5,000 fully vested stock options at an exercise price of $14.16 per share (cost $70,800) and the 5,000 resulting ordinary shares were immediately sold in the open market at $45.41 per share (gross proceeds $227,050). The reporting person did not retain any shares from this transaction; net proceeds to Maness before taxes and commissions were approximately $156,272 (the spread between sale price and exercise price).

Key Details

• Transaction date: June 17, 2026.
• Exercise: 5,000 options exercised at $14.16 per share (total exercise cost $70,800). (Code M)
• Sale: 5,000 ordinary shares sold at $45.41 per share (gross $227,050). (Code S)
• Net proceeds (before taxes/commissions): approx. $156,272 (spread on 5,000 shares).
• Post-transaction holdings: reporting person holds 17,500 unvested options. No shares were retained from this transaction.
• Vesting schedule for remaining options: 17,500 unvested options vest 2,500 quarterly beginning Sept 5, 2026 through March 5, 2028, subject to continued employment.
• Filing: Form 4 was filed on June 22, 2026 (five calendar days after the trade), which is after the standard two-business-day reporting window.

Context This was a cashless/same-day exercise-and-sale: options were exercised and the acquired shares were sold immediately, so the transaction is effectively a liquidity event rather than a buy signal. The filing footnotes confirm the options were fully vested at exercise and that the shares were not retained. Late filing may attract regulatory attention or penalties but does not by itself indicate company or insider performance.