BAKKER GERBEN 4

What Happened

• Gerben Bakker (Chairman, President & CEO) exercised/converted derivative awards on Feb 6, 2026 — 29,845 shares in two exercises (9,845 @ $163.26 = $1,607,295 and 20,000 @ $185.87 = $3,717,400; total cash paid ≈ $5,324,695).
• On the same date the filing shows multiple dispositions: shares were withheld to satisfy taxes (22,293 shares withheld across three withholding entries, proceeds/value reported ≈ $11,034,614) and an aggregate of 25,233 shares were sold in the open market in multiple trades for total proceeds ≈ $12,590,627.
• Several derivative-line items are reported as dispositions at $0.00 — these reflect the SAR/derivative awards being settled/cancelled as part of the exercise. Overall this looks like a common cashless-style settlement: exercise of SARs/options followed by withholding and market sales to cover taxes and/or realize cash.

Key Details

• Transaction date: 2026-02-06; Form filed 2026-02-10 (timely filing indicated).
• Exercises/acquisitions: 29,845 shares acquired via exercise; cash paid ≈ $5,324,695.
• Tax withholding: 22,293 shares withheld for taxes (footnote F1/F2) — reported value ≈ $11,034,614.
• Open-market sales: 25,233 shares sold across multiple trades at prices roughly $494–$503, total proceeds ≈ $12,590,627. Several sales list weighted-average prices and include footnotes F3–F12 with price ranges.
• Shares owned after transaction: not stated in the excerpt of the Form 4 provided.
• Notable footnotes: F1 = shares withheld to pay taxes; F2/F13/F14 note the awards were stock appreciation rights (SARs) that vested and were exercised; multiple footnotes (F3–F12) say sales were executed in multiple trades and the reported price is a weighted average.

Context

• This is primarily an exercise of SARs/derivatives with concurrent share withholding and open-market sales to cover tax obligations and/or take proceeds. That pattern (exercise + withholding + sell) is routine for executives converting awards into cash/value and does not by itself imply bullish or bearish sentiment.
• Transaction codes: M = exercise/conversion of derivative, F = payment of exercise price or tax liability, S = open market sale.
• For retail investors: purchases (net buys) are generally more informative as bullish signals; this filing documents an executive monetizing compensation through standard settlement steps rather than a fresh buy.