Merlot Thierry 4

What Happened
Thierry Merlot, EVP, Strategy at Hexcel (HXL), received 1,812 shares on January 21, 2026 pursuant to the conversion of a performance-based share award. The shares were reported as acquired at $0.00 per share (total reported value $0), reflecting issuance from a prior performance-based award rather than an open-market purchase.

Key Details

• Transaction type: Award/conversion (Form 4 code A) — conversion of a performance-based share award (PSA).
• Transaction date: 2026-01-21; Form 4 filed: 2026-01-23 (timely filing).
• Price: $0.00 per share; total reported acquisition value $0.
• Footnote: Shares represent conversion of a PSA tied to financial performance criteria under the award agreement dated Jan 30, 2023.
• Shares owned after transaction: Not specified in the filing.

Context
This was an award conversion (not a market purchase or sale). Such conversions reflect fulfillment of performance conditions set when the award was granted and do not necessarily signal a buy/sell opinion from the insider. For retail investors, award conversions indicate equity granted as compensation or incentive rather than open-market insider buying.