Jallal Bahija 4

What Happened

• Jallal Bahija, CEO of Immunocore Holdings plc (IMCR), reported several transactions dated Feb 17–18, 2026. He sold 11,474 shares in an open-market sell-to-cover transaction for a weighted average price of $32.35, generating proceeds of $371,184.
• On Feb 17, 2026, Bahija also reported conversions/exercises of 23,817 derivative shares (reported at $0) and grant awards totaling 483,639 RSUs/derivative shares (88,573 and 395,066) reported at $0. The filings show both acquisitions (awards/conversions) and a small sale to cover tax liabilities.

Key Details

• Transaction dates: conversions/grants dated Feb 17, 2026; market sale dated Feb 18, 2026. Form filed Feb 19, 2026.
• Sale details: 11,474 shares sold at a weighted average $32.35 (range reported $32.17–$32.70); total reported proceeds $371,184. Reporting person can provide breakdown by price on request.
• Awards/conversions: 88,573 RSUs and 395,066 RSUs granted (each RSU = right to one Ordinary Share); 23,817 derivative shares exercised/converted (reported $0 in column 4).
• Tax withholding: sale was pursuant to a sell-to-cover to satisfy income tax liabilities on RSU vesting (footnote).
• ADS note: Ordinary Shares may be represented by American Depositary Shares (each ADS = one Ordinary Share).
• Vesting/award schedules (from footnotes): some RSUs/options vest in installments beginning in 2026–2027 (see filing footnotes for exact schedules).
• Holdings after transaction: the Form 4 did not disclose an aggregate post-transaction total in this summary.
• Timeliness: Form 4 was filed two days after the primary transactions (filed Feb 19 for transactions through Feb 17–18); no late filing flag noted.

Context

• The sale appears to be a routine sell-to-cover to satisfy tax withholding on RSU vesting rather than a large discretionary sell; such sales are common after awards vest.
• The derivative transactions indicate exercises/conversions and award grants; when derivative shares are immediately sold to cover taxes or costs, that is effectively a cashless-type outcome.
• These filings are factual disclosures of insider activity and do not, by themselves, indicate the insider’s future view of the company.