Spinelli Stephen M 4

What Happened

• Stephen M. Spinelli, Senior Vice President of Sales at Napco Security Technologies (NSSC), exercised 13,972 stock options on March 17, 2026 at an exercise price of $10.02 per option (total exercise consideration ≈ $139,999).
• As part of a cashless exercise, 3,212 shares were withheld to cover the exercise price/tax liability at a market withholding value of $43.59 per share (≈ $140,011), resulting in a net increase of 10,760 shares to Spinelli’s holdings.

Key Details

• Transaction date: March 17, 2026. Exercise price: $10.02 per option; withholding price used: $43.59 per share.
• Options exercised: 13,972; shares withheld for taxes/exercise payment: 3,212; net shares issued to insider: 10,760 (per footnote).
• Footnotes: F1 indicates shares were withheld to pay exercise price/taxes under the 2012 Employee Stock Option Plan; F2 confirms net increase of 10,760 shares; F3 notes options become exercisable cumulatively at 20% per year beginning Aug 25, 2022 (vesting schedule).
• Filing: Form 4 filed March 19, 2026 for a March 17 transaction — filed within the typical two-business-day window (timely).

Context

• This was a cashless exercise of stock options (code M) with tax/exercise withholding (code F), not an open-market purchase or sale. Cashless exercises are a common way for insiders to realize vested option value; the withholding of shares is routine to satisfy exercise costs and tax obligations.
• Such transactions reflect option exercise activity tied to compensation/vesting and do not by themselves indicate a buy or sell sentiment like an open-market purchase or sale would.