Smith Rodney M 4

What Happened
Rodney M. Smith, EVP, CFO & Treasurer of American Tower (AMT), exercised 34,341 stock options on Feb 17, 2026 at $94.71 per share (exercise cost $3,252,436) and sold all 34,341 shares the same day in multiple open-market transactions for aggregate proceeds of $6,596,527. The sales were effected under a Rule 10b5-1 trading plan.

Key Details

• Transaction date: February 17, 2026; Form 4 filed Feb 19, 2026 (timely filing).
• Exercise: 34,341 shares exercised at $94.71 per share; total exercise cost $3,252,436. (Grant under 2007 Equity Incentive Plan; exercisable in 25% cumulative annual increments beginning March 10, 2017 — F6.)
• Sales (total = 34,341 shares; proceeds $6,596,527):
  • 2,086 shares @ $190.35 = $397,070 (weighted avg across same-day trades; $189.93–$190.88 — F3)
  • 9,596 shares @ $191.52 = $1,837,826 (weighted avg; $191.06–$192.00 — F4)
  • 22,658 shares @ $192.49 = $4,361,438 (weighted avg; $192.13–$193.00 — F5)
  • 1 share @ $193.13 = $193
• Net proceeds before fees/taxes ≈ $3,344,091 (sales proceeds minus exercise cost).
• Sales were made under a Rule 10b5-1 trading plan adopted May 22, 2025 (F2).
• Filing notes it includes 93 and 26 shares acquired under the issuer’s ESPP in May and Nov 2025, respectively (total 119 shares) — F1.
• Shares owned after the reported transactions are not specified in the provided filing extract.

Context
This was effectively a same-day exercise-and-sell (cashless-style) transaction: options were exercised and the resulting shares were sold immediately. Sales under a pre-arranged 10b5-1 plan are routine and generally indicate pre-scheduled liquidity rather than a discretionary market-timing decision. The filing is informational — it reports the mechanics and money amounts but does not state the insider’s motives.