Crevoiserat Joanne C. 4

What Happened Joanne C. Crevoiserat, CEO of Tapestry (TPR), exercised 123,348 stock options on Feb 18, 2026 (three option lots) and did not retain the resulting shares — they were either sold in the open market or withheld to cover exercise costs and taxes. The option exercises had aggregate exercise cost of $3,653,390. The subsequent open-market sales and tax/fee withholdings generated approximately $19,104,137 in gross proceeds.

• Option exercises (M):
  • 57,286 shares at $42.31 = $2,423,771
  • 35,770 shares at $20.97 = $750,097
  • 30,292 shares at $15.83 = $479,522
• Open-market sales (S):
  • 13,300 shares at $154.79 = $2,058,707
  • 15,123 shares at $154.78 = $2,340,738
  • 20,372 shares at $154.99 = $3,157,456 (Total open-market sale proceeds ≈ $7,556,901)
• Withheld/paid to cover exercise cost or taxes (F):
  • 16,992 shares at $154.79 = $2,630,192
  • 20,647 shares at $154.78 = $3,195,743
  • 36,914 shares at $154.99 = $5,721,301 (Total withheld proceeds ≈ $11,547,236)

Key Details

• Transaction date: Feb 18, 2026; Form 4 filed Feb 19, 2026 (timely filing).
• Total options exercised: 123,348 shares; total exercise cash paid: $3,653,390.
• Total shares sold or withheld: 123,348 shares; combined proceeds ≈ $19.1M.
• Footnotes: The filing indicates some trades were executed under a Rule 10b5-1 trading plan adopted Nov 19, 2025, and several share-withholdings were used to cover exercise costs, fees, and tax obligations.
• Shares owned after transaction: Not specified in the provided excerpt of the filing.

Context

• This was effectively a cashless exercise: options were exercised and the resulting shares were immediately sold or withheld to cover exercise price and taxes, so Crevoiserat did not add to her net shareholdings from these transactions. Such transactions are commonly used for option exercises and tax obligations and are routine; they do not, by themselves, indicate the insider’s longer-term view.