KOCH D CHRISTIAN 4

What Happened

• Christian Koch, Chair, President & CEO of Carlisle Companies (CSL), exercised 36,260 stock options on Feb 10, 2026 at $222.35 per share (total exercise cost $8,062,411). He sold those 36,260 shares the same day in multiple open-market transactions for aggregate gross proceeds of $14,989,324 (sales executed in several trades at weighted-average prices noted below). Transaction codes: M = option exercise; S = open-market sale.

Key Details

• Transaction date: 2026-02-10; Form filed: 2026-02-11 (timely).
• Exercise: 36,260 shares at $222.35 each — total paid $8,062,411 (code M; F7).
• Sales (all code S; executed in multiple trades; reported as weighted averages):
  • 12,280 shares at weighted avg $412.31 — $5,063,167 (prices ranged $411.79–$412.77; F1)
  • 10,622 shares at weighted avg $413.49 — $4,392,091 (prices ranged $412.88–$413.87; F2)
  • 11,652 shares at weighted avg $414.18 — $4,826,025 (prices ranged $413.88–$414.77; F3)
  • 1,706 shares at weighted avg $415.03 — $708,041 (prices ranged $414.88–$415.46; F4)
• Aggregate proceeds from sales: $14,989,324; simple difference vs. exercise cost ≈ $6,926,913 (pre-tax, before fees).
• Ownership note: filing discloses 135,000 shares owned by an LLC for which Mr. Koch has full investment authority (F5). The filing excerpt does not state total beneficial ownership after these transactions.
• Vesting/other: related option vests in three equal annual installments beginning Feb 8, 2023 (F6).

Context

• This was an option exercise followed by same-day sales of the acquired shares — effectively a cashless exercise (exercise then immediate sale). The filing shows the mechanics and amounts but does not state why the transactions were made (e.g., tax, diversification, liquidity). Sales of shares by insiders are common and, by themselves, are not a definitive signal of company outlook.