Udell David 4

What Happened

• David Udell, Executive Vice President and Group President — ASPAC, exercised stock appreciation rights and sold shares on May 18, 2026. He reported exercising/converting 5,800 derivative units at an exercise price of $52.65 (cost $305,370). On the same date he disposed of a total of 10,458 shares via: a 1,776-share disposition to the issuer at $172.00 ($305,472) and open-market sales of 4,024 shares ($692,128) and 4,658 shares ($801,176). Total cash proceeds from the sales were $1,798,776. The filing also shows a derivative conversion/settlement for 5,800 shares with $0 reported value (related to the SARs).

Key Details

• Transaction date: 2026-05-18; filing date: 2026-05-20 (timely).
• Exercise: 5,800 shares @ $52.65 = $305,370 (code M).
• Sales/dispositions: 1,776 shares @ $172.00 = $305,472 (D to issuer); 4,024 shares @ $172.00 = $692,128 (S); 4,658 shares @ $172.00 = $801,176 (S). Total sales proceeds ≈ $1,798,776.
• Shares owned after transaction: not specified in this filing.
• Footnote: SARs were issued under the Hyatt LTIP and vested in installments (per F1).
• Filing timeliness: appears timely (reported within two business days).

Context

• This appears to be an exercise of stock appreciation rights followed by immediate sales (a cashless-style settlement), with a portion of shares delivered to the issuer (D) — commonly used to satisfy withholding/tax obligations. Sales following an exercise are frequent and do not necessarily indicate a change in the insider’s view of the company.