TripAdvisor (TRIP) CFO Michael Noonan Exercises Options, Sells Shares

What Happened
Michael Noonan, CFO & SVP of TripAdvisor, exercised a total of 15,309 stock options on August 14, 2026 at a $10.97 strike price. The gross value of those exercised options is reported as $167,940. To cover the exercise price and tax liability, 7,402 shares were surrendered/withheld (reported as disposals) valued at $81,200, leaving a net 7,907 newly issued shares to Noonan. This is an options exercise with share withholding (a routine way to cover taxes/exercise costs), not an open-market purchase.

Key Details

• Transaction date: August 14, 2026; filing date: August 18, 2026 (reports these Aug 14 transactions).
• Options exercised (code M): 4,215 shares ($46,239); 3,758 shares ($41,225); 7,336 shares ($80,476). Total exercised = 15,309 shares; total gross value = $167,940.
• Shares withheld/returned to company to pay exercise price/taxes (code F): 2,038 shares ($22,357); 1,817 shares ($19,932); 3,547 shares ($38,911). Total withheld = 7,402 shares; total value = $81,200.
• Net newly issued shares to insider after withholding: 7,907 shares (15,309 − 7,402).
• Shares owned after the transaction: not disclosed in the provided filing excerpt.
• Notable filings/footnotes: F-code entries indicate share withholding to cover taxes/exercise; several M-code entries show derivative instruments being converted/cancelled (reported with $0 as derivative disposition). The filing did not reference a 10b5-1 plan in the provided data.

Context
An M code indicates exercise/conversion of a derivative (typically stock options). The F-code disposals here represent shares withheld to satisfy the exercise price and tax withholding — a common, routine "cashless" method that reduces the number of net shares delivered to the insider. Such transactions are usually administrative (tax/exercise related) rather than standalone market buys or strategic sales; they do increase the insider’s net share count only by the net shares issued (7,907).