Patten Jarrod M 4

What Happened

• Jarrod M. Patten, a director of Strategy Inc (MSTR), exercised stock options and immediately sold a portion of the shares on June 23, 2026. He exercised 1,500 shares at $18.24 (cost $27,354) and sold 1,500 shares in an open-market transaction at $106.08, generating proceeds of $159,120. The filing also reports a 1,500-share derivative exercise/conversion recorded with a $0.00 price (see Key Details/footnote).

Key Details

• Transaction dates: June 23, 2026; filing date: June 24, 2026 (Form 4 Accession 0001309191-26-000031).
• Exercise: 1,500 shares exercised at $18.24 → $27,354 paid.
• Open-market sale: 1,500 shares sold at $106.08 → $159,120 proceeds.
• Derivative line: 1,500 shares listed as an exercise/conversion at $0.00 (reported as a disposition of a derivative instrument).
• Shares owned after transaction: not stated in the information provided in this summary filing.
• Footnote: The 1,500 shares exercised vested May 31, 2018. The option referenced still covers a remaining 41,250 shares with prior vesting tranches (3,750 vested May 31, 2018; 12,500 vested May 31, 2019; 12,500 vested May 31, 2020; 12,500 vested May 31, 2021).
• Timeliness: Filed the day after the transactions (appears timely).

Context

• This appears to be a cashless-style exercise where options were exercised and shares were immediately sold to realize value and cover exercise/tax obligations — a common insider transaction and not necessarily a vote of confidence or concern by itself. The $0.00 derivative disposition line reflects how the exercise/conversion was reported on the Form 4; see the footnote for vesting details.