Zimmer Biomet (ZBH) CFO Suketu Upadhyay Exercises RSUs; Shares Withheld

What Happened
Suketu Upadhyay, Executive Vice President and Chief Financial Officer of Zimmer Biomet (ZBH), had restricted stock units (RSUs) convert into common shares on March 6, 2026. A total of 14,776 RSUs vested/converted into shares (10,217 + 4,559). To satisfy tax withholding, the company withheld 6,576 shares (4,547 + 2,029) at an implied price of $92.54 per share, producing $608,543 in withholding. Net shares received by Upadhyay from the vesting were 8,200 (14,776 − 6,576).

Key Details

• Transaction date: March 6, 2026; Form 4 filed March 10, 2026 (appears timely).
• Actions reported: exercise/conversion of RSUs (code M) and shares withheld for tax (code F).
• Withholding price: $92.54 per share; total withholding value: $420,779 + $187,764 = $608,543.
• Shares converted (acquired): 14,776; shares withheld (disposed to company for taxes): 6,576; net shares retained: 8,200.
• Footnotes: F1 — shares withheld to satisfy tax withholding on RSU vesting; F2 — each RSU equals one share of common stock.
• This was not an open-market sale — withheld shares were surrendered to the company to cover taxes (routine, not necessarily a market-sentiment signal).

Context
Conversion of RSUs into shares and company withholding to cover taxes is a common, administrative insider transaction. The filing shows no open-market sale or purchase by the insider; purchases (which can be seen as stronger bullish signals) did not occur here.