Works James David Jr 4

What Happened

• James David Works Jr., EVP & Chief Human Resources Officer, executed option exercises and open‑market sales on Feb 18, 2026. He exercised 19,291 stock options at a strike price of $33.56 (cost ≈ $647,406) and sold a total of 65,737 shares in two open‑market tranches (46,446 shares at a weighted avg $96.52 for ≈ $4,482,968; 19,291 shares at a weighted avg $96.53 for ≈ $1,862,160). Total cash proceeds from the sales were about $6.345M.
• The filing also shows a derivative disposition of 19,291 shares at $0 (see Key Details). The net effect: options were exercised and shares were sold the same day.

Key Details

• Transaction date: 2026-02-18; Form 4 filed: 2026-02-20 (timely).
• Sales: 46,446 shares at weighted avg $96.52 (prices ranged $96.02–$96.85 per footnote F1); 19,291 shares at weighted avg $96.53 (prices ranged $95.99–$96.85 per footnote F2).
• Option exercise: 19,291 shares acquired at $33.56 each (≈ $647,406). Footnote F3: options were granted Mar 26, 2018 and are fully vested.
• Derivative line: 19,291 shares listed as disposed at $0 (reported as a derivative transaction on the form).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Transaction codes: M = exercise/conversion of derivative, S = sale. No 10b5‑1 plan or tax‑withholding plan disclosed in the excerpt.

Context

• The sequence (exercise at $33.56, immediate sale at ≈$96.5) is consistent with a cashless/same‑day exercise and sale to cover strike and/or tax obligations; the $0 derivative disposition likely reflects surrender/settlement of option shares as part of that process. This is a routine insider liquidity event rather than an open‑market purchase (purchases generally carry more interpretive weight for bullish signals).