PETRUCCI ANGELA NICOLE 4

What Happened
Angela Nicole Petrucci, Chief Administrative Officer of National Bank Holdings Corp (NBHC), exercised 675 stock options on Feb 24, 2026. She paid an aggregate exercise price of $13,203 (675 shares × $19.56). To cover tax withholding, 448 of the resulting shares were surrendered/disposed (reported at a market value of $40.19 per share, total $18,005). The net result was 227 shares remaining issued to her (675 exercised − 448 withheld). The filing also shows the conversion/disposition of the underlying derivative instrument related to the exercise.

Key Details

• Transaction date: February 24, 2026; Form 4 filed Feb 26, 2026 (appears timely).
• Option exercise: 675 shares acquired at $19.56 each; total cash paid $13,203 (transaction code M).
• Tax withholding: 448 shares disposed/withheld at $40.19 each; total value $18,005 (transaction code F).
• Derivative conversion: 675 option units reported as converted/disposed (listed at $0) as part of the exercise.
• Shares owned after transaction: Not disclosed in this Form 4.
• Footnotes: F1 notes 137 shares from the NBHC Employee Stock Purchase Plan (Aug 29, 2025). F2 indicates this was a time‑vested stock option award that vested in three equal annual installments (first vesting Apr 28, 2017).

Context
This was primarily an exercise of previously granted options (a purchase of underlying shares), with a routine tax-withholding share surrender to cover tax liability (common "cashless" aspect of exercises). Exercises are different from open-market purchases or sales: they reflect conversion of options into company stock and do not, by themselves, indicate a view about the company’s future performance.