LEACH TIMOTHY A 4

What Happened

• Timothy A. Leach, a director of ConocoPhillips (COP), converted/exercised rights to acquire 7,251 shares on Feb 14, 2026. To satisfy tax withholding, 2,683 of those shares were surrendered/withheld at an effective price of $111.23 per share, totaling about $298,430. One exercise/conversion line shows a $0 exercise price, indicating conversion/settlement rather than a cash purchase.

Key Details

• Transaction date: February 14, 2026 (reported on Form 4 filed Feb 18, 2026). The filing does not show a late-filing flag.
• Primary activity: Exercise/conversion of derivative/stock units (code M) for 7,251 shares; tax withholding (code F) of 2,683 shares at $111.23/share (~$298,430).
• Shares owned after the transaction: Not specified in the provided filing excerpt.
• Notable footnotes from the filing:
  • Units included dividend equivalents (F1).
  • Each stock unit was the economic equivalent of one share and settled in shares (F2, F3).
  • The award generally settles 3 years from grant date, subject to earlier settlement upon certain events (F4).
• Filing timeliness: The Form 4 was filed Feb 18 for a Feb 14 transaction; the filing itself does not indicate it was late.

Context

• This was effectively a cashless settlement: the insider converted/received shares and had a portion (2,683) withheld to cover tax liability rather than selling shares on the open market.
• The $0 exercise-price line suggests conversion/settlement of previously granted stock units (not a cash option purchase). These types of transactions are typically routine compensation/award-related events rather than open-market buys or discretionary sales.