Cohen Marc Eliot 4

What Happened
Marc Eliot Cohen, Group Managing Director at LPL Financial (LPLA), exercised 2,212 stock options (exercise price $77.53) on 2026-03-09 (cost $171,496) and sold the resulting shares plus additional shares: 2,212 shares sold on 2026-03-09 for a weighted avg price of $308.75 (proceeds $682,955) and 1,088.211 shares sold on 2026-03-10 at $309.72 (proceeds $337,041). Total sale proceeds were about $1,019,996. The filing shows the exercise and subsequent sales (effectively a cashless exercise and immediate disposition).

Key Details

• Transaction dates: Exercises and initial sale on 2026-03-09; additional sale on 2026-03-10. Filing date: 2026-03-11.
• Exercise: 2,212 options at $77.53 per share (total cost $171,496).
• Sales: 2,212 shares at weighted avg $308.75 (proceeds $682,955; prices in that batch ranged $309.66–$310.30 per F1) and 1,088.211 shares at $309.72 (proceeds $337,041).
• Total shares sold: 3,300.211; total proceeds ≈ $1.02M.
• Shares owned after transaction (per filing/footnote F2): 2,118 shares of common stock plus restricted stock units: 85 RSUs vesting 6/12/2026; 278 RSUs vesting 2/25/2027; 516 RSUs vesting ratably 2/25/2027–2/25/2028; and 1,403 RSUs vesting ratably 2/25/2027–2/25/2029.
• Option background: The option exercised vested in installments starting 2/25/2020 and fully vested 2/25/2022 (footnote F3).
• Other notes: The sale prices in the 3/09 batch are a weighted average; the filer can provide breakdowns on request (F1). The Form 4 was filed within normal timing (no late filing flag). The form was signed on behalf of Marc Cohen under a Power of Attorney dated 12/11/2024.

Context
This was an exercise of previously vested options followed by sales of the shares (a common, routine liquidity move by insiders). The filing is factual and does not indicate the insider’s motivations. For retail investors, purchases are often more informative about insider sentiment; this transaction is an exercise-plus-sale (cashless), which converts option value to cash.