Yankee Colin 4

What Happened

• Colin Yankee, EVP & Chief Supply Chain Officer of Tractor Supply (TSCO), exercised stock options and immediately sold the resulting shares. On Feb 13, 2026 he exercised a total of 11,170 option shares (two exercises: 5,475 @ $46.55 and 5,695 @ $46.59) with a combined exercise cost of $520,191. The same day he sold 11,170 shares in the open market for aggregate proceeds of $618,263. Separately, on Feb 12, 2026, 587.89 shares were withheld to satisfy tax withholding tied to vested restricted stock units (value $31,783).
• This pattern (exercise then immediate sale) is consistent with a cashless exercise: options were exercised and the acquired shares were sold the same day. Overall beneficial ownership decreased by the ~588 withheld shares.

Key Details

• Transaction dates: Feb 12–13, 2026. Filing date: Feb 17, 2026.
• Option exercises (code M): 5,475 shares @ $46.55 ($254,861) and 5,695 shares @ $46.59 ($265,330) — total exercise cost reported $520,191.
• Open-market sales (code S): 4,694 shares @ $55.37 ($259,907); 781 shares @ $55.38 ($43,252); 5,695 shares @ $55.33 ($315,104) — total proceeds $618,263.
• Tax withholding (code F): 587.89 shares withheld @ $54.06 = $31,783 to cover tax liabilities from RSU vesting.
• Net change: sold all 11,170 shares acquired by exercise and had ~588 shares withheld for taxes, resulting in a net decrease of ~588 shares.
• Footnotes: F1 confirms shares withheld for tax on RSU lapse; F2/F3 note the awards/options were granted under the Tractor Supply 2018 Omnibus Incentive Plan with multi-year vesting schedules.
• Shares owned after transactions: not specified in the provided filing excerpt.

Context

• For retail investors: exercises followed by immediate sales are typically liquidity transactions (cashless exercises) rather than a clear buy signal. Purchases are generally more informative about insider sentiment than routine option exercises and tax-withholdings.
• Transaction codes: M = option exercise/derivative conversion, S = sale (open market), F = shares withheld to satisfy tax withholding.