Arvani Azita 4

What Happened Azita Arvani, a director of Tennant Company (TNC), exercised 3,538 stock options on February 27, 2026 (code M) at an exercise price of $54.70 per share (total cost $193,529) and immediately sold 3,156 of the resulting shares in open-market transactions (code S) at a weighted average price of $61.40 per share for gross proceeds of $193,794. After the transactions she retained a net 382 shares (3,538 exercised − 3,156 sold).

Key Details

• Transaction date: February 27, 2026 (reported on Form 4 filed March 2, 2026 — timely)
• Option exercise: 3,538 shares at $54.70 → $193,529 cost (code M)
• Sale: 3,156 shares sold, weighted average price $61.40 → $193,794 proceeds (sale prices ranged $61.40–$61.46) (code S)
• Net shares retained: 382 (3,538 exercised − 3,156 sold)
• Footnotes: F1 states the sale was effected to cover taxes due on the option exercise and the reporting person retained net shares; F2 notes the sale was executed in multiple transactions and provides the price range; F3 indicates the options were fully vested
• No 10b5-1 plan or late filing indicated

Context This was an option exercise followed by a partial sale to cover tax obligations (a common “cashless” or sell-to-cover approach). The M code denotes exercise/conversion of a derivative; the immediate sale of most of the exercised shares aligns with the filer’s note that the sale was to satisfy taxes rather than a directional bet on the stock.