Gratziani Stephan Paulo 4

What Happened

• Stephan Paulo Gratziani, CEO of Herbalife Ltd. (HLF), received a grant of 215,033 stock appreciation rights (SARs) on February 25, 2026. The Form 4 reports the award as a derivative grant (transaction code A) with an acquisition price of $0 (no cash exchanged at grant).

Key Details

• Transaction date: 2026-02-25; Form 4 filed: 2026-02-27 (timely filing).
• Grant amount: 215,033 SARs; reported acquisition value: $0 (derivative award).
• Vesting: SARs vest in one-third increments on Feb 25 of 2027, 2028 and 2029, subject to continued service (per footnote).
• Shares owned after transaction: Not reported on the Form 4.
• Transaction type: Award/grant (compensation), not an open-market buy or sale.

Context

• SARs are derivative awards that generally give the holder the right to receive the appreciation in the company’s stock price (settled in shares or cash under the plan) upon exercise; they are different from an outright stock purchase or sale.
• Grants to executives are typically part of compensation packages and reflect company-approved incentive awards rather than a direct market sentiment signal.