Tannenbaum Michael Benjamin 4

What Happened
Michael Benjamin Tannenbaum, CEO of Figure Technology Solutions (FIGR), exercised stock options on May 19–20, 2026 to acquire a total of 16,902 shares (14,871 on 5/19 and 2,031 on 5/20) at $4.82 per share (cost ≈ $81,467). He sold essentially the same number of shares in open-market transactions the same days, generating gross proceeds of about $627,371 (sales: 14,562 shares @ $37.25 WAP; 309 shares @ $38.15 WAP; 2,031 shares @ $36.03 WAP). Net cash proceeds before taxes and fees were roughly $546K.

Key Details

• Transaction dates: exercised options 2026-05-19 and 2026-05-20; open-market sales on 2026-05-19 and 2026-05-20.
• Exercise price/cost: $4.82 per share; total acquisition cost ≈ $81,467.
• Sales (gross proceeds): total ≈ $627,371 (14,562 @ $37.25 WAP; 309 @ $38.15 WAP; 2,031 @ $36.03 WAP). Footnotes note these are weighted-average prices with ranges: $36.91–$37.73, $38.05–$38.31, and $35.62–$36.45 respectively.
• Trading plan: Sales were made under a Rule 10b5-1 trading plan adopted Dec 3, 2025 (Footnote F1).
• Vesting note: The option vested one quarter on Apr 22, 2025, with the remainder vesting in 36 monthly installments (Footnote F5).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Filing timeliness: no late filing flag indicated in the provided data.

Context
This was an exercise of options followed by near-immediate open‑market sales (a common cashless pattern). The presence of an established 10b5‑1 plan indicates the sales were pre‑scheduled rather than ad hoc trades. These transactions are disclosures of insider activity and do not, by themselves, indicate the CEO’s view of the company’s prospects.