Noonan Michael 4

What Happened

• Michael Noonan, CFO & SVP of TripAdvisor, exercised 11,602 stock options on 2026-02-05 at an exercise price of $12.43, representing $144,213 in intrinsic cost. To satisfy tax withholding, 4,041 shares were surrendered (disposed) with a value of $50,230. The option conversion is recorded separately as a derivative conversion of 11,602 units.
• This is an options exercise (acquisition of underlying shares) with routine tax withholding rather than an open‑market sale.

Key Details

• Transaction date: 2026-02-05.
• Exercise details: 11,602 options exercised at $12.43 per share = $144,213 total exercise cost.
• Tax withholding: 4,041 shares withheld/disposed to cover taxes = $50,230 (code F).
• Derivative conversion: 11,602 options converted to shares (code M).
• Shares owned after transaction: Not specified in the provided filing.
• Filing: Form 4 filed 2026-02-09 for a 2026-02-05 transaction — filed several days after the transaction date (appears later than the typical 2-business-day reporting window).
• Transaction codes: M = option exercise/conversion; F = shares withheld for taxes.

Context

• This appears to be a standard option exercise with shares withheld to cover tax obligations (a cashless/withholding mechanism), not an open‑market purchase or sale intended to signal a market view.
• For retail investors: exercises indicate the insider converted options into shares (some retained net of withholding). Such transactions are common for executives when options vest or are exercised; they are informative about compensation realization but do not necessarily indicate a buy/sell view on the stock.