DAVIS BARRY E 4

What Happened

• Barry E. Davis, a director of Kirby Corp (KEX), exercised stock options covering 8,480 shares on Feb 19, 2026 and sold those shares the same day. The sale of 8,480 shares was at $128.51 per share for total proceeds of $1,089,765.
• The exercises were in three tranches: 3,188 shares at a $70.65 exercise price (cost $225,232), 2,640 shares at $85.30 (cost $225,192), and 2,652 shares at $84.90 (cost $225,155). The combined exercise cost was $675,579, so the net difference versus sale proceeds was about $414,186 (pre-tax).

Key Details

• Transaction date: 2026-02-19 (filed 2026-02-23). Filing appears timely (filed within required business-day window).
• Exercise (code M): 3,188 @ $70.65 (acquired), 2,640 @ $85.30 (acquired), 2,652 @ $84.90 (acquired).
• Sale (code S): 8,480 @ $128.51 for $1,089,765 (open market sale).
• Derivative conversion entries (M, $0) reflect the conversion/settlement of the options into shares before sale.
• Shares owned after the transaction: not specified in the data provided.
• No 10b5-1 plan or tax-withholding footnote was indicated in the provided details.

Context

• This is a cashless exercise pattern: the director exercised options and immediately sold the resulting shares in the open market, commonly done to cover exercise costs and taxes or to realize gains. Such transactions are routine and do not by themselves indicate the insider’s longer-term view.