Kahn Todd 4

What Happened
Todd Kahn, CEO and Brand President of Coach (a Tapestry brand), exercised a total of 90,874 option shares on Feb 9, 2026 (60,000 and 30,874 shares) at a strike of $15.83, paying $1,438,535 in exercise price. Per the filing, he disposed of all 90,874 resulting shares the same day: 39,815 shares were sold in the open market (13,534 @ $152.00 for $2,057,168 and 26,281 @ $151.00 for $3,968,431 — ≈$6.03M total) and 51,059 shares were transferred/surrendered to cover exercise costs and tax withholding (17,340 @ $152.00 = $2,635,680 and 33,719 @ $151.00 = $5,091,569 — ≈$7.73M value). The filing shows matching derivative entries (M) at $0 for the shares used/withheld.

Key Details

• Transaction date: 2026-02-09 (filed 2026-02-11). Filing appears timely (Form 4 is due within two business days).
• Option exercise: 60,000 and 30,874 shares exercised at $15.83 (total exercise cost reported $1,438,535).
• Sales: 13,534 @ $152.00 ($2,057,168) and 26,281 @ $151.00 ($3,968,431).
• Shares used for tax/price payment: 17,340 @ $152.00 ($2,635,680) and 33,719 @ $151.00 ($5,091,569).
• Footnote: F1 — shares were sold/used to pay the cost of, and taxes and fees associated with, the exercised derivative securities.
• Shares owned after transaction: not specified in the provided filing excerpt.

Context

• This was a cashless (or sell-to-cover) option exercise: Kahn exercised options at $15.83 and immediately sold part of the shares for cash while surrendering others to satisfy tax withholding and exercise costs.
• Transaction codes: M = option exercise, S = open-market sale, F = shares withheld/used to pay taxes or exercise costs.
• Because all exercised shares were either sold or used to cover taxes/costs, the filing indicates no net retention of new shares from this exercise.