LUNDQUIST ANDREW D 4

What Happened
Andrew D. Lundquist, Senior Vice President at ConocoPhillips (COP), exercised/converted derivative awards resulting in 3,693 underlying shares on February 14, 2026. To cover tax withholding/obligations, 1,438 shares were surrendered/sold at $111.23 each for proceeds of $159,949. The filing also records a conversion/disposition of the 3,693 derivative units at $0 (a non‑cash record of the derivative-to-share settlement).

Key Details

• Transaction date: 2026-02-14 (filed with the SEC 2026-02-18). The filing does not indicate a late-status flag.
• Exercise/conversion: 3,693 derivative units (transaction code M).
• Tax withholding/disposition: 1,438 shares surrendered/disposed (code F) at $111.23 per share; proceeds reported $159,949.
• A separate M-line shows 3,693 shares disposed at $0, reflecting the conversion/settlement of the derivative award into common shares (non-cash record).
• Shares owned after the transaction: not reported in the provided filing excerpt.
• Footnotes summary:
  • F1: Includes units acquired as dividend equivalents.
  • F2/F3: Each stock unit equals one share and settles in shares on a 1-for-1 basis.
  • F4: The award grant normally settles three years from grant date, subject to earlier/partial settlement on certain termination events.

Context

• This appears to be an exercise/conversion of award units with shares surrendered to satisfy tax withholding — a common, routine corporate compensation event (often described as a cashless/net share settlement).
• Such tax-withholding disposals are administrative and don’t necessarily signal the insider’s view of the company’s prospects. Retail investors generally place more informational weight on purchases by insiders than on routine exercises and tax withholdings.