Waters Kathleen Alyce 4

What Happened
Kathleen Alyce Waters, Chief Legal & Public Affairs Officer at DaVita (DVA), exercised Stock Appreciation Rights (SARs) on February 6, 2026. The SAR exercise resulted in 8,079 shares credited (basis value $108.93/share, total $880,045). To cover the base price and tax withholding, 5,898 shares were surrendered to the issuer (valued at $149.22/share, ~$880,100) and 817 shares were withheld for taxes (valued at $149.22/share, ~$121,913). After those withholdings, Waters received approximately 1,364 net shares (about $203,500 at $149.22/share). This was a cashless exercise (shares withheld to satisfy exercise price and taxes), a routine insider liquidity/compensation transaction rather than an open-market sale.

Key Details

• Transaction date: February 6, 2026; Form 4 filed February 9, 2026 (appears timely).
• Exercise: 8,079 shares acquired through exercise of SARs at an exercise/base price of $108.93 (total reported $880,045).
• Withholdings/dispositions: 5,898 shares withheld to cover the base price (valued at $149.22/share, ~$880,100) and 817 shares withheld for taxes (valued at $149.22/share, ~$121,913).
• Net shares delivered to insider: ~1,364 shares (approx. $203,500 using $149.22 market price).
• Footnotes: F1 = shares withheld to pay the base price; F2 = shares withheld to satisfy tax withholding; F3 = SARs were granted Mar 15, 2021 and vested 50% on Mar 15, 2024 and 50% on Mar 15, 2025.
• Shares owned after transaction: Not specified in the provided filing excerpt.

Context
This filing documents an exercise of previously granted SARs (derivative award). Because shares were withheld to cover the exercise price and taxes, this is effectively a cashless exercise and not an open-market sale signal. Such exercises are common for executives realizing vested compensation and do not, by themselves, indicate a change in insider sentiment.