Patten Jarrod M 4

What Happened
Jarrod M. Patten, a director of Strategy Inc (MSTR), exercised options and sold shares on July 22, 2026. He exercised a total of 2,500 option shares (two M-code transactions): 1,250 shares were acquired at an $18.24 exercise price (cost $22,795) and 1,250 shares were surrendered/treated as disposed in the exercise (recorded at $0). He then sold 1,250 shares in an open-market transaction at $100.00 per share, receiving $125,000. This is a sale following an option exercise (common for covering exercise costs/taxes) rather than a fresh purchase.

Key Details

• Transaction date: July 22, 2026 (Form 4 filed July 23, 2026 — appears timely).
• Exercise details: 2,500 options exercised total; 1,250 shares acquired at $18.24 ($22,795); 1,250 shares surrendered/disposed at $0 (derivative transaction).
• Sale details: 1,250 shares sold on open market at $100.00 each for $125,000.
• Shares owned after transaction: not specified in the filing.
• Footnote: The exercised shares vested earlier (vested May 31, 2018); remaining option schedule shown (40,000 shares with staggered vesting through 2021).
• Transaction codes: M = exercise/conversion of derivative; S = sale.

Context
The filing shows a common cashless/net option exercise pattern: some option shares were surrendered (or used to cover exercise costs/taxes) and other exercised shares were sold in the market for cash. Such transactions often reflect routine liquidity/tax planning tied to vested option awards and do not, by themselves, indicate the insider’s view on the company’s prospects.