Birkans Aldis 4

What Happened

• Aldis Birkans, President of National Bank Holdings Corp (NBHC), exercised stock options on 2026-02-11 to acquire 3,080 shares at an exercise price of $19.56 each (cost = $60,245). To cover taxes/exercise obligations, 2,256 of the shares were surrendered/withheld at a reported value of $41.53 each (≈ $93,692). The filing also shows the related derivative instrument was converted/removed as part of the exercise.

Key Details

• Transaction date: 2026-02-11 (Form 4 filed 2026-02-12)
• Option exercise: 3,080 shares acquired @ $19.56; total cost ≈ $60,245 (code M = exercise/conversion)
• Tax/exercise withholding: 2,256 shares disposed @ $41.53; value ≈ $93,692 (code F = tax withholding)
• Administrative derivative entry: 3,080 underlying derivatives reported as disposed at $0 (standard conversion entry)
• Net share change from these transactions: +824 shares (3,080 acquired − 2,256 withheld)
• Shares owned after transaction: Not specified in the provided details
• Footnote: F1 — These were time-vested stock options that vest in three equal annual installments (first vested 4/28/2017)
• Filing timeliness: Form 4 was filed the day after the transaction; no late filing flag indicated

Context

• This was an option exercise with share withholding to satisfy tax/exercise obligations (a common cashless-style settlement); the withholding is not an open-market sale that signals a directional bet.
• M (exercise) indicates Aldis converted options into shares; F indicates shares were surrendered to cover tax or exercise costs.