Cavanagh Michael J 4

What Happened

• Michael J. Cavanagh, Co‑CEO and Director of Comcast (CMCSA), exercised stock options on Feb 11, 2026 to acquire a total of 736,238 shares at $28.38 per share (aggregate exercise cost ≈ $20.9M).
• All 736,238 shares were immediately disposed to cover the exercise/tax obligations and via an open‑market sale: 383,796 and 294,495 shares were used for payment/withholding and 57,947 shares were sold on the open market. The disposals generated about $24.05M in proceeds/withholding at $32.66 per share. Net change in shares held from these transactions: zero.

Key Details

• Transaction date: February 11, 2026. Form 4 filed: February 13, 2026 (timely filing within the typical 2‑business‑day window).
• Exercise price: $28.38 per share (total cash required for exercise ≈ $20.9M).
• Disposal prices: $32.66 per share for withheld/payment shares and the open‑market sale (total proceeds/withholding ≈ $24.05M).
• Shares acquired by exercise: 736,238; shares disposed (withheld + sold): 736,238 — net zero newly retained shares from these transactions.
• Footnote: F1 indicates the options exercised were immediately exercisable.
• Filing does not show the insider’s total Comcast holdings after these transactions in the excerpt provided.

Context

• This was an option exercise and cashless/covers‑withholding sequence: the insider exercised vested options and used the resulting shares to satisfy exercise price and tax withholding, plus sold a portion on the open market. Such transactions are common for executives when options vest and do not necessarily signal a change in view on the company. Transaction codes: M = option exercise, F = payment of exercise price/tax withholding, S = open market sale.