LEVY ROBERT 4

What Happened
Robert Levy, President of Herbalife Ltd. (HLF), was granted 33,301 stock appreciation rights (SARs) on Feb 25, 2026. The award is recorded at $0.00 per SAR (derivative grant); the filing shows acquisition of the SARs rather than a cash purchase or sale.

Key Details

• Transaction date: 2026-02-25; Form 4 filed: 2026-02-27 (timely filing, within the standard two-business-day window).
• Security: 33,301 SARs (derivative), reported as acquired at $0.00.
• Post-transaction share/SAR ownership: not specified in the filing.
• Footnote: SARs vest in one-third increments on Feb 25 of 2027, 2028 and 2029, subject to continued service. (Grant was made under the company’s 2023 Stock Incentive Plan.)
• Transaction type: Award/Grant (code A) — not a market purchase or sale.

Context
SARs are derivative awards that give the holder the right to capture future appreciation in the company’s stock value (payment may be in stock or cash depending on plan terms). This grant is a compensation award and does not represent an immediate cash investment or sale by the insider. Purchases are generally viewed as clearer signals of insider conviction; grants are routine executive compensation and should be interpreted accordingly.