Tsourapas Panagiotis 4

What Happened
Panagiotis Tsourapas, Colgate-Palmolive COO (Europe, APac, Africa, Skin), exercised a total of 50,000 stock options (35,000 on Feb 11, 2026; 15,000 on Feb 12, 2026) at an exercise price of $76.41 per share, then sold the 50,000 shares in open-market transactions. The exercises cost $3,820,500 in aggregate; the sales generated approximately $4,778,437 in gross proceeds (35,000 shares sold at a weighted avg $94.61; 15,000 at a weighted avg $97.81). Footnotes indicate a portion of the sale proceeds were delivered to the issuer to cover the exercise price and tax withholding (a cashless exercise).

Key Details

• Transaction dates and prices:
  • 2026-02-11: Exercised 35,000 options @ $76.41 = $2,674,350 (Acquired); sold 35,000 shares @ weighted avg $94.61 (range $94.50–$94.78) = $3,311,326 (Disposed).
  • 2026-02-12: Exercised 15,000 options @ $76.41 = $1,146,150 (Acquired); sold 15,000 shares @ weighted avg $97.81 (range $97.74–$97.89) = $1,467,111 (Disposed).
• Aggregate: 50,000 options exercised; $3,820,500 paid to exercise; $4,778,437 gross proceeds from sales; net before withholding ≈ $957,937.
• Shares owned after transaction: Not disclosed in the provided filing summary.
• Notable footnotes: F1 = exercises from the issuer’s incentive compensation plan; F2 = sale proceeds used to pay exercise price and tax withholding (cashless exercise); F3/F4 = weighted-average sale prices with price ranges; F5 = options vesting schedule (one-third increments from Sept 10, 2020 grant).
• Filing timeliness: Form filed on Feb 13, 2026 for transactions on Feb 11–12, 2026 — appears timely (filed within normal SEC Form 4 reporting window).

Context

• These transactions are a routine cashless exercise: options were exercised and shares sold immediately (some shares sold to cover exercise price and taxes). Transaction codes: M = option exercise/conversion; S = sale.
• Such compensation-related exercises and immediate sales are common among executives to cover exercise costs and tax obligations and do not necessarily signal a change in personal view of the company. The filing contains no indication of a trading plan (e.g., 10b5-1) in the provided summary.