LivaNova CIO Ahmet Tezel Exercises SARs, Sells/Withholds Shares

What Happened
Ahmet Tezel, Chief Innovation Officer of LivaNova PLC (LIVN), exercised 12,692 stock appreciation rights (SARs) on 2026-08-11 and did not retain any net new shares. The exercise is reported as an acquisition of 12,692 shares at a base price of $52.68 (value shown $668,615). Following the exercise, 8,589 shares were surrendered to the issuer at $77.86 (reported $668,740), 1,428 shares were withheld to satisfy tax liabilities at $77.86 (reported $111,184), and 2,675 shares were sold in the open market at a weighted-average price of $77.74 (reported $207,942). A separate derivative line records the SAR exercise (M) for 12,692 shares at $0 (derivative).

Key Details

• Transaction date: 2026-08-11; Form 4 filed 2026-08-13 (timely filing).
• Exercise: 12,692 SARs exercised at $52.68 (reported acquisition value $668,615).
• Dispositions: 8,589 shares to issuer @ $77.86 ($668,740); 1,428 shares withheld for taxes @ $77.86 ($111,184); 2,675 shares sold open market @ weighted avg $77.74 ($207,942).
• Open-market sale prices ranged $77.6684–$77.7900 (per footnote); weighted-average reported.
• Net effect: 12,692 shares acquired → 12,692 shares withheld/sold (net change in shares = 0).
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 = shares withheld to pay SAR base price; F2 = shares withheld for taxes; F3 = sale prices ranged and weighted-average reported; F4 = SAR grant date June 15, 2024, vesting in four equal annual installments beginning June 15, 2025, subject to forfeiture under the plan and award agreement.

Context
This was effectively a cashless exercise of SARs: the exercised shares were used to cover the exercise/base price and tax withholding, and the remainder was sold in the market. Such transactions are common compensation exercises and do not necessarily signal a change in insider sentiment. The filing appears timely (filed within SEC deadlines).