Merlot Thierry 4

What Happened

• Thierry Merlot, EVP, Strategy at Hexcel (HXL), reported conversions of restricted stock units (RSUs) into shares on Jan 29–30, 2026. He shows 1,633 RSUs converting on Jan 29 and 698 on Jan 30 (total 2,331). Each conversion is reported as an "exercise or conversion of derivative" (transaction code M) at $0.00 per share.
• The filing also reports equal numbers of shares as disposed (listed as "Derivative" dispositions) on the same dates. Because the same amounts were acquired and disposed, there is no net reported increase in beneficial ownership from these entries.

Key Details

• Transaction dates and amounts:
  • 2026-01-29: 1,633 RSUs converted to 1,633 shares (acquired) and 1,633 shares disposed; price $0.00.
  • 2026-01-30: 698 RSUs converted to 698 shares (acquired) and 698 shares disposed; price $0.00.
• Total shares involved: 2,331 (1,633 + 698). All reported at $0 cash consideration.
• Shares owned after transaction: the filing shows no net change (acquired = disposed); the report does not disclose a post-transaction total beneficial ownership.
• Footnotes: F1 clarifies each RSU represents a conditional right to one share; F2 describes the RSU vesting schedule (two‑thirds on the 2nd anniversary, remaining one‑third on the 3rd anniversary of grant).
• Filing: Report filed 2026-02-02 for period of report 2026-01-29. This filing date is within the typical two-business-day window and is timely.

Context

• Transaction code M indicates conversion/exercise of a derivative. In RSU conversions it is common for shares to be converted and an equal number withheld or disposed to satisfy tax withholding or similar obligations; here the filing shows matching acquired and disposed amounts (no net change). This is generally a routine administrative event rather than an open-market purchase or sale.