Varex Imaging (VREX) CFO Shubham Maheshwari Exercises Options, Sells Shares

What Happened

• On September 11, 2026, Shubham Maheshwari, Chief Financial Officer of Varex Imaging (VREX), exercised 160,944 performance stock options at an exercise price of $13.61 per share (cash cost ~$2,190,448) and concurrently caused the sale of 130,000 shares in the open market for a weighted average price of $18.46 per share (proceeds ~$2,400,060).
• The filing also shows a related derivative disposition of 160,944 option shares at $0.00, which reflects the cancellation/conversion of the exercised options (not a cash sale of those derivative instruments).

Key Details

• Transaction date: 2026-09-11; Form 4 filed: 2026-09-15 (filed 4 days after the transaction; Form 4s are normally due within two business days).
• Exercise: 160,944 shares exercised at $13.61 (total exercise cost ≈ $2.19M).
• Sale: 130,000 shares sold in broker-assisted transactions at a weighted average price of $18.46 (total proceeds ≈ $2.40M); per footnote, sale prices ranged $18.460–$18.470.
• Retained shares from this exercise: 160,944 exercised − 130,000 sold = 30,944 shares retained by the reporting person. The filing does not state the insider’s total VREX holdings after these transactions.
• Footnotes: F2 indicates the sales were a broker-assisted sell-to-cover to cover the exercise price, taxes and broker fees; F1 notes 2,137 shares were purchased under the company’s 2017 ESPP since the last Form 4; F3 explains the reported sale price is a weighted average and that details by execution price are available on request; F4 describes the options’ four-year vesting schedule.
• Timing: The Form 4 was filed four days after the reported transactions; this may be later than the typical two-business-day reporting requirement.

Context

• This was effectively a cash exercise of performance stock options with a simultaneous sell-to-cover: the insider exercised vested options, a portion of the shares were sold to cover exercise costs/taxes/fees, and the remaining shares were retained. Such sell-to-cover transactions are common and do not by themselves indicate a broader change in insider sentiment.