Schellenberg David 4

What Happened

• David Schellenberg, a director at Teekay Tankers Ltd., exercised 7,031 stock options at an $8.00 exercise price (cost $56,248) and immediately sold the 7,031 shares in an open-market sale for a weighted average $71.53, generating gross proceeds of about $502,948 (net pre-tax proceeds ≈ $446,700).
• The transactions are reported as an option exercise (code M) that resulted in acquisition and a contemporaneous sale (code S) of the same 7,031 shares (derivative shares were also reported as disposed).

Key Details

• Date: 2026-06-08
• Exercise: 7,031 shares at $8.00 — $56,248 total cost (code M)
• Sale: 7,031 shares at weighted avg $71.53 — $502,948 gross proceeds (code S)
• Footnote: Trades executed in multiple lots at prices ranging $71.50–$71.9175; $71.53 is the weighted average (F1).
• Shares owned after transaction: No net change in beneficial ownership reported (the exercised shares were sold).
• Filing timeliness: Report filed same day (timely).

Context

• This is a common "exercise-and-sell" (cashless) transaction: options were exercised and the shares were sold immediately, converting option value to cash. Such transactions often reflect routine option exercises rather than an independent view on the stock.
• Transaction codes: M = exercise/conversion of derivative; S = sale of securities.