Poletti Franco 4

What Happened Franco Poletti, President of Cardiopulmonary at LivaNova (LIVN), exercised stock appreciation rights (SARs) that converted into 2,140 shares on March 11, 2026. The exercise recorded an acquisition value of 2,140 shares at $57.60 per share (total $123,264). Of those shares, 1,980 shares were withheld/surrendered at $62.26 per share (≈ $123,275) and 69 shares were withheld at $62.26 per share (≈ $4,296) to satisfy base-price settlement and tax withholding, respectively, resulting in 2,049 shares withheld and a net 91 shares remaining.

Key Details

• Transaction date: 2026-03-11; Filing date: 2026-03-13 (timely filed).
• Exercise (code M): 2,140 shares acquired at $57.60 (total $123,264).
• Withholding/dispositions (code F): 1,980 shares @ $62.26 (≈ $123,275) and 69 shares @ $62.26 (≈ $4,296) to cover SAR base-price settlement and taxes.
• Net effect: 2,140 shares credited from SARs, 2,049 shares withheld — leaving 91 net shares retained by the reporting person (post-transaction ownership not otherwise reported in this excerpt).
• Footnotes: F1 = shares withheld for SAR base-price settlement; F2 = shares withheld to satisfy tax liability; F3 = SARs were granted 3/11/2016, vested in installments, and automatically exercised upon their 3/11/2026 expiration.
• Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price or tax liability (withholding).

Context This was an automatic/exercise-and-withhold (net settlement) of SARs at expiration rather than an open‑market buy or discretionary sale. Withholding to cover exercise costs and taxes is routine and does not necessarily signal a view on the company’s prospects. The Form 4 was filed within the normal reporting window (filed two days after the transaction).