Welch Jeffrey T 4

What Happened
Jeffrey T. Welch, EVP and Chief Legal Officer of Red Rock Resorts (RRR), exercised 126,731 options on 2026-05-26, resulting in the acquisition of 126,731 shares at an exercise price of $24.98 (total value of shares received ≈ $3,165,740). To satisfy related tax and/or exercise obligations, 84,007 shares were surrendered/withheld at an indicated value of $56.25 per share (≈ $4,725,394). The filing also reports the conversion/derivative transaction tied to the exercised options (coded M / derivative disposal at $0).

Key Details

• Transaction dates: 2026-05-26 (reported on Form 4 filed 2026-05-28). The filing appears timely.
• Option exercise: 126,731 shares exercised at $24.98 per share (code M) — value of shares acquired ≈ $3,165,740.
• Tax withholding/payment: 84,007 shares disposed/withheld at $56.25 per share (code F) — value ≈ $4,725,394.
• Derivative reporting: 126,731 option conversion noted as disposed at $0 (reflects the exercised derivative).
• Shares owned after transaction: Not disclosed in this Form 4.
• Footnote: F1 — the stock option had previously vested per the applicable vesting schedule.
• Transaction codes: M = option exercise/conversion; F = payment of exercise price or tax liability (share withholding).

Context
This is effectively a routine option exercise with shares withheld to cover tax or exercise costs (a common cashless-type settlement). The tax-withholding sale does not necessarily indicate a decision to reduce a position for investment reasons — it’s a procedural step to meet tax/price obligations. The filing provides no indication of a 10% owner or any 10b5-1 plan in this Form 4.