KOCH D CHRISTIAN 4

What Happened

• Director Koch D. Christian exercised options on 2026-03-10 to acquire 4,951 shares of TORO at an exercise price of $47.17 per share (cost basis ≈ $233,539). To cover the tax/exercise obligation, 2,335 of those shares were surrendered/withheld on 2026-03-10 (treated as a disposition) at a reported value of $100.04 per share (≈ $233,593). On 2026-03-11, 2,616 shares were reported as gifted (transfer), representing the remainder of the exercised shares.

Key Details

• Dates and prices:
  • 2026-03-10: Exercise (M) — 4,951 shares acquired at $47.17 (total ≈ $233,539).
  • 2026-03-10: Tax/exercise withholding (F) — 2,335 shares surrendered at $100.04 (total ≈ $233,593).
  • 2026-03-11: Gift (G) — 2,616 shares transferred (no cash proceeds).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnote: the option vests in three equal annual installments commencing on the first anniversary of the Nov 1, 2016 grant date.
• Filing timeliness: Reported period 2026-03-10, filed 2026-03-12 — appears timely (no late filing flag).

Context

• This was effectively a cashless exercise: all 4,951 exercised shares were used to satisfy the tax/withholding obligation (2,335 shares) and transferred as a gift (2,616 shares). A gift/transfer is not a market sale and does not necessarily signal the insider's view of the stock. The M code indicates option exercise; F indicates shares withheld or surrendered for taxes; G indicates a gift.