Patten Jarrod M 4

What Happened
Jarrod M. Patten, a director of Strategy Inc (ticker MSTR), exercised stock options on May 28–29, 2026 (22,300 shares total) and sold the same 22,300 shares in open‑market transactions. He paid about $414,208 to exercise the options (exercise prices $18.24–$18.65) and received gross proceeds of approximately $3,402,893 from the sales. The trades were reported on a Form 4 filed June 1, 2026.

Key Details

• Transactions and cash flow:
  • Exercised/options acquired: 22,300 shares total (7,250 on 5/28 @ $18.65; 10,800 on 5/29 @ $18.65; 4,250 on 5/29 @ $18.24) — cash paid ≈ $414,208.
  • Open‑market sales: 22,300 shares sold across 5/28–5/29 at prices ranging roughly $145.28–$162.00 — gross proceeds ≈ $3,402,893.
• Net effect: No net increase in beneficial ownership from these transactions (22,300 exercised and 22,300 sold).
• Footnotes of interest:
  • Sales reported with weighted‑average prices and price ranges (F1–F3); reporting person offers to provide per‑trade details on request.
  • Vesting history (F4–F6) shows the exercised options vested in prior years (2018–2021), i.e., these were previously vested options, not new grants.
• Codes: M = exercise/conversion of derivative (options); S = open market sale.
• Timeliness: Form 4 filed June 1, 2026. For the May 28–29 transactions, the filing appears timely (within the Form 4 reporting window).

Context
Because the number of shares exercised equals the number sold, this is effectively a cashless exercise/sale: options were converted into shares and those shares were sold (common when exercising vested options to cover costs or realize gains). These were vested options (per footnotes), so the trades reflect monetizing existing option holdings rather than receiving new awards. This is a factual report of transactions and should not be interpreted as a statement about the company’s prospects.