SIEBEL THOMAS M 4

What Happened
Thomas M. Siebel (10% owner; trustee/chairman of several holder entities per footnotes) exercised 511,732 derivative instruments on Feb 10, 2026 at $2.04 per share (cost $1,043,933) and immediately sold the 511,732 resulting shares in the open market for weighted-average proceeds of $11.66 per share, totaling $5,966,795. The exercise/conversion line also shows a derivative disposition at $0.00, reflecting the conversion/settlement of the derivative. Net proceeds before fees and taxes were roughly $4.92M.

Key Details

• Transaction date: 2026-02-10; Form filed 2026-02-12 (timely filing).
• Exercise: 511,732 shares at $2.04 each (total exercise cost $1,043,933).
• Sale: 511,732 shares sold at a weighted-average price of $11.66; total gross proceeds $5,966,795. Sales ranged from $11.46 to $12.05 per share (weighted avg reported).
• Plan/authorization: Transactions were executed under a previously established Rule 10b5-1 trading plan (dated Sept 20, 2024).
• Shareholders/vehicles: Shares are held across related entities/trusts (The Siebel Living Trust; First Virtual Holdings, LLC; Siebel Asset Management, L.P.; Siebel Asset Management III, L.P.; The Siebel 2011 Irrevocable Children's Trust) — Reporting Person is trustee/chairman/general partner for these entities (per footnotes).
• Vesting/status: Fully vested.
• Shares owned after transaction: Not disclosed in this filing.

Context
This was effectively a cashless exercise: options/derivatives were exercised and the resulting shares were sold the same day. Because the trades were executed under a pre-established 10b5-1 plan, the sales were likely pre-scheduled rather than opportunistic, which is common for large holders to satisfy tax/exercise obligations. As a 10% owner and related-party holder, these transactions reflect disposition from his controlled entities rather than a routine open-market sale by a lower-level executive.