Gates Anne 4

What Happened

• Anne Gates, a director of Tapestry, exercised options on 8,914 shares on 2026-02-10 (exercise price $41.65, cash cost $371,268). All exercised shares were then used to satisfy exercise/tax obligations: 2,416 shares were withheld (value $371,557) and 6,498 shares were sold in the open market at $153.79 per share for $999,327. The derivative position was converted/cancelled as part of the exercise.

Key Details

• Transaction date: 2026-02-10; Form 4 filed 2026-02-12 (timely).
• Exercise: 8,914 shares @ $41.65 = $371,268 (code M).
• Tax withholding: 2,416 shares disposed @ $153.79 = $371,557 (code F). Footnote: shares sold to pay cost/fees related to the exercise.
• Open-market sale: 6,498 shares @ $153.79 = $999,327 (code S).
• Shares owned after transaction: not specified in the filing.
• No indication of a 10% owner or a 10b5-1 plan in this report.

Context

• This was effectively a cashless option exercise: options were exercised and all resulting shares were either withheld for taxes/fees or sold in the market to cover the exercise cost. Such transactions are common for option exercises and are often routine tax-liability management rather than a directional bet on the stock.