Howard Dennis 4

What Happened

• Howard Dennis, Managing Director and Chief Technology, Operations & Data Officer, exercised 27,903 stock options on 2026-02-25 by paying $64.10 per share (exercise cost $1,788,582) and immediately sold the 27,903 shares in the open market at a weighted-average price of $95.02 for $2,651,343. The net proceeds (sale minus exercise cost) were about $862,761. The filing also shows the related derivative (the option) was converted/surrendered in the exercise.

Key Details

• Transaction date: 2026-02-25.
• Exercise: 27,903 shares at $64.10 — total $1,788,582.
• Sale: 27,903 shares at weighted-average $95.02 — total $2,651,343; executed in multiple trades at $95.00–$95.09 (report shows weighted avg).
• Derivative line: option converted/surrendered (reported at $0.00).
• Footnotes: sale was made under a Rule 10b5-1 trading plan adopted Nov 25, 2025; options were granted under the company's 2013 Stock Incentive Plan and vested in installments.
• Shares owned after the transaction: not disclosed in the information provided on this Form 4.
• Filing timeliness: Reported on 2026-02-27 for a 2026-02-25 transaction — filed within the standard Form 4 window (not marked late).

Context

• This is a common pattern where an executive exercises vested options and immediately sells the shares (a cashless exercise). The sale was executed under a pre-established 10b5-1 plan, which is designed to allow scheduled trading by insiders. These filings are factual records of transactions and do not by themselves indicate underlying company performance or insider sentiment.