Drake Angela C 4
4 · TORO CO · Filed Mar 12, 2026
Research Summary
AI-generated summary of this filing
Toro (TTC) CFO Angela Drake Exercises Options, Withholds Shares
What Happened
Angela C. Drake, Vice President & Chief Financial Officer of The Toro Company (TTC), exercised stock option/derivative awards on 2026-03-10 to acquire 2,730.443 shares at an exercise price of $98.93 per share (total value reported $270,123). To cover tax withholding/obligations, 1,387 of the newly issued shares were surrendered/withheld (reported disposed) at the same per-share price (value ~$137,216). The filing also records the derivative instruments as disposed upon exercise.
Key Details
- Transaction date: 2026-03-10. Exercise price: $98.93 per share.
- Exercise/acquired: 2,730.443 shares for $270,123 (code M = option exercise).
- Tax/payment withholding: 1,387 shares surrendered/withheld (code F) valued at ~$137,216.
- Filing date: 2026-03-12 for 2026-03-10 transactions — appears timely (filed within the usual Form 4 window).
- Shares owned after the transactions: not specified in the reported data.
- Footnotes of note:
- F1: Small additions from retirement plan contributions and dividend reinvestment (27.621 and 1.989 shares).
- F2: 3.319 performance share units added via dividend reinvestment in deferred comp plan.
- F3–F5: Restricted stock units (RSUs) represent rights to shares; certain RSUs vest in three equal annual installments (grants dated Mar 10, 2023 and Dec 22, 2025).
Context
This appears to be an option exercise with a net-share or tax-withholding settlement (some shares withheld to pay taxes), not an open-market purchase or sale. That means Drake acquired shares via exercise but did not add the full amount of shares to her holdings because of the withholding; such transactions are generally routine compensation-related actions rather than explicit buy/sell signals. The filing does not indicate a 10% owner status or an open-market sale of remaining shares.
Insider Transaction Report
- Exercise/Conversion
Common Stock
2026-03-10$98.93/sh+2,730.443$270,123→ 10,797.928 total - Tax Payment
Common Stock
2026-03-10$98.93/sh−1,387$137,216→ 9,410.928 total - Exercise/Conversion
Restricted Stock Units
[F3][F4]2026-03-10−2,730.443→ 0 total→ Common Stock (2,730.443 underlying)
- 482.276(indirect: The Toro Company Retirement Plan)
Common Stock
[F1] - 758.09
Performance Share Units
[F2] - 4,159
Restricted Stock Units
[F3][F5]→ Common Stock (4,159 underlying)
Footnotes (5)
- [F1]Includes the following shares of common stock acquired by the reporting person since the date of her last report: 27.621 net shares acquired through regular individual and issuer matching contributions to The Toro Company Retirement Plan (the "Retirement Plan"); and 1.989 shares acquired under the dividend reinvestment feature of the Retirement Plan less quarterly non-discretionary administrative fees.
- [F2]Includes 3.319 performance share units acquired by the reporting person since the date of her last report under the dividend reinvestment feature of The Toro Company Deferred Compensation Plan for Officers.
- [F3]Each restricted stock unit represents a contingent right to receive one share of TTC common stock.
- [F4]The restricted stock units and related dividend equivalents vest in three equal annual installments commencing on the first anniversary of the March 10, 2023 grant date.
- [F5]The restricted stock units vest in three equal annual installments commencing on the first anniversary of the December 22, 2025 grant date.