TransDigm (TDG) Director Howley Exercises Options, Sells 10,132 Shares

What Happened
Howley W. Nicholas (Director) exercised 10,132 options on 2026-07-20 at an adjusted exercise price of $66.47 per share, paying $673,474. The same day he sold 10,132 shares in multiple open-market trades for aggregate gross proceeds of approximately $12,321,289. The filing also shows a derivative conversion/disposition entry for 10,132 shares at $0, reflecting the option-to-share settlement.

Key Details

• Transaction date: 2026-07-20; Form 4 filed 2026-07-21 (appears timely).
• Exercise: 10,132 shares @ $66.47 = $673,474 (exercise price adjusted for dividends since Aug 1, 2022; see F1).
• Sales: 10,132 shares sold in multiple trades; grouped average-price proceeds by block total ≈ $12,321,289. Reported sale-price ranges are provided in footnotes F2–F13 (each block is a weighted average across a small price range).
• Net proceeds (gross sales minus exercise cost): ~ $11,647,815.
• Transaction codes: M = option exercise/conversion; S = open-market sale. The sequence indicates a cashless exercise (exercised options and immediately sold the resulting shares).
• Shares owned after transaction: not specified in the provided excerpt of this filing — see the issuer’s Form 4 for post-transaction holdings.

Context
This was essentially a cashless exercise and immediate sale: the director converted options into shares and sold the shares the same day, a common way for insiders to realize option value. Such sales are typically liquidity actions and should be viewed as factual reporting of transactions rather than a direct signal of company outlook.