Noonan Michael 4

What Happened

• Michael Noonan, CFO & SVP of TripAdvisor (TRIP), exercised stock options on 2026-01-30 to acquire 2,425 shares at an exercise price/value of $13.42 per share, totaling $32,544.
• To satisfy tax withholding, 845 of those shares were withheld/disposed at $13.42 per share, valued at $11,340.
• The filing also reports the related derivative conversion/cancellation for 2,425 option units (reported at $0), a standard reporting artifact when options are converted into shares. The overall event is an option exercise (acquisition) with shares withheld for taxes — not an open-market sale.

Key Details

• Transaction date: January 30, 2026; Form 4 filed February 3, 2026.
• Exercise: 2,425 shares @ $13.42 = $32,544 (code M — option exercise/conversion).
• Tax withholding: 845 shares withheld @ $13.42 = $11,340 (code F — payment of tax liability).
• Derivative conversion entry: 2,425 units reported disposed @ $0 (reflects conversion/cancellation of the option instrument).
• Shares owned after transaction: not disclosed in the filing excerpt.
• No explicit late-filing flag was indicated in the information provided (check the full filing for any timeliness note).

Context

• This was an option exercise with partial share withholding to cover taxes (a common cashless/withholding method). The insider acquired shares via exercise rather than purchasing in the open market; the withholding does not necessarily indicate a sale for investment reasons.
• For retail investors, option exercises signal management is taking vested compensation as equity, but exercises are routine and don’t alone indicate a bullish or bearish view.