Crevoiserat Joanne C. 4

What Happened
Joanne C. Crevoiserat, CEO of Tapestry, exercised stock options to acquire a total of 66,061 shares (35,770 shares at $20.97 and 30,291 shares at $15.83) for a combined exercise cost of $1,229,604. All 66,061 shares were then disposed of on May 13, 2026 in four transactions (two open-market sales and two sales to cover exercise/tax obligations), producing gross proceeds of $8,778,792. This sequence is effectively a cashless exercise (options exercised and shares sold), so the net proceeds after exercise cost were roughly $7.55M.

Key Details

• Transaction date: May 13, 2026 (Form filed May 14, 2026).
• Options exercised: 35,770 shares @ $20.97 ($750,097) and 30,291 shares @ $15.83 ($479,507) — total exercised = 66,061 shares, exercise cost $1,229,604.
• Shares sold (total 66,061): 13,047 @ $132.90 ($1,733,946); 14,729 @ $132.88 ($1,957,190); 17,244 @ $132.90 ($2,291,728); 21,041 @ $132.88 ($2,795,928). Gross sale proceeds = $8,778,792.
• Footnotes: Some shares were sold to pay the exercise cost and related taxes/fees (tax withholding). One sale was effected under a Rule 10b5-1 trading plan adopted Nov 19, 2025 (reported as executed when the reporting person had no material nonpublic information).
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Timeliness: Filing date is the day after the transactions (appears timely).

Context
This was an option exercise (derivative M code) followed by immediate sales (S and F codes). That pattern — exercising options and selling the resulting shares to cover costs and taxes and/or to realize gains — is common and typically reflects routine option-exercise mechanics rather than an independent directional bet on the stock. The presence of a 10b5-1 plan for at least one sale indicates part of the selling was pre-planned.