STAVROPOULOS NICKOLAS 4

What Happened

• Director Nickolas Stavropoulos exercised stock options to acquire 445 shares (200 on 2026-02-12 and 245 on 2026-02-13) at $16.33 per share (total cost ≈ $7,267). He then sold those same 445 shares in open-market transactions (200 on 2/12 at a weighted avg $34.00; 245 on 2/13 at a weighted avg $34.05), generating total proceeds of about $15,142. The transactions were effected under a Rule 10b5-1 trading plan.

Key Details

• Transaction dates: 2026-02-12 and 2026-02-13; Form filed 2026-02-13 (appears timely).
• Option exercise details: 200 shares @ $16.33 (2/12) and 245 shares @ $16.33 (2/13); total exercise cost ≈ $7,267.
• Sales: 200 shares @ weighted avg $34.00 (2/12) = $6,800; 245 shares @ weighted avg $34.05 (2/13) = $8,342; total proceeds ≈ $15,142.
• Footnotes: Sales were made pursuant to a Rule 10b5-1 plan adopted Sept 8, 2025 (F1). The reported weighted-average sale price reflects multiple trades in a range of $34.02–$34.15 (F2). The options exercised had a vesting schedule beginning April 24, 2020, with remaining vesting in four annual installments (F3).
• Derivative reporting: The filing also shows the related derivative interests (options) being disposed at $0.00 — this reflects the surrender/termination of the option instruments upon exercise.
• Shares owned after the transactions: not specified in the provided data.

Context

• These were option exercises followed by immediate open-market sales (a cashless/stock-sell-off pattern), which is commonly used to cover exercise costs and tax obligations. Because the sales were made under a pre-established 10b5-1 plan, they are typically considered routine trading arrangements rather than ad-hoc insider selling.