Strategy Inc (MSTR) Director Jarrod Patten Exercises Options, Sells Shares

What Happened

• Jarrod M. Patten, a director of Strategy Inc (MSTR), exercised 475 optioned shares on 2026-09-22 at $18.24 per share (total exercise cost $8,662) and immediately sold those 475 shares in an open market transaction at $171.00 per share for proceeds of $81,225. The filing also shows the derivative interest converted/disposed (M code) at $0, consistent with an exercise-and-sell (cashless-style) action.

Key Details

• Transaction date: 2026-09-22; Form 4 filed 2026-09-23 (timely).
• Exercise: 475 shares @ $18.24 each = $8,662 (code M — option exercise/conversion).
• Sale: 475 shares @ $171.00 each = $81,225 (code S — open market sale).
• Derivative conversion: 475 shares indicated disposed at $0, reflecting conversion of the option to stock prior to sale.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnote (vested shares): Of the 475 shares exercised on Sept 22, 325 vested on May 31, 2019 and 150 vested on May 31, 2020. The option referenced also covers 24,850 other shares, of which 12,350 vested on May 31, 2020 and 12,500 vested on May 31, 2021.

Context

• This appears to be a routine exercise-and-immediate-sale of vested options (common for insiders to realize gains or cover exercise tax/costs). Such sales are liquidity events and do not necessarily indicate a change in insider sentiment. The M code denotes exercise/conversion of a derivative; the matching open-market sale indicates the shares were sold the same day.