Willett Robert 4

What Happened
Director Robert Willett exercised stock options on Feb 12, 2026 and immediately sold the resulting shares. He exercised 173,296 options at $38.39/share (cost $6,652,833) and sold those 173,296 shares at $58.39/share (proceeds $10,117,904). He also exercised 3,756 options at $39.44/share (cost $148,137) and sold those 3,756 shares at $58.39/share (proceeds $219,294). Combined, 177,052 shares were sold for total proceeds of $10,337,198 against exercise costs of $6,800,970 (net proceeds ≈ $3,536,228). These transactions were effected pursuant to a Rule 10b5‑1 trading plan.

Key Details

• Transaction date: 2026-02-12 (reported on Form 4 filed 2026-02-13; appears timely)
• Exercise prices: $38.39 (173,296 shares) and $39.44 (3,756 shares)
• Sale price: $58.39 for all sold shares
• Total shares sold: 177,052; total proceeds: $10,337,198
• Footnotes: trades executed under a 10b5‑1 trading plan (F1); reporting person is trustee/beneficiary of a trust and disclaims beneficial ownership except for pecuniary interest (F2)
• Shares owned after transaction: not specified in the provided filing details

Context

• This was effectively a cashless exercise: options were exercised and the resulting shares were sold the same day in the open market. Such transactions are commonly routine liquidity events rather than an express signal about company outlook.
• The 10b5‑1 plan note indicates the timing was preplanned and designed to avoid trading on nonpublic information.