Holtz Naftali 4

What Happened

• Naftali Holtz, Chief Financial Officer of Royal Caribbean Cruises Ltd. (RCL), disposed of 3,421 shares in a series of transactions to satisfy exercise/tax withholding obligations. The disposals occurred Feb 7–9, 2026 and generated approximately $1,170,410 in proceeds (detailed below). These were tax-withholding/cashless-type transactions (Form 4 code F), not open-market sales intended as investment decisions.

Key Details

• Transactions:
  • 2026-02-07: 438 shares at $338.60 — $148,307
  • 2026-02-08: 1,211 shares at $338.60 — $410,045
  • 2026-02-09: 1,772 shares at $345.40 — $612,058
• Total disposed: 3,421 shares for ~$1,170,410.
• Footnote: Includes 87 shares acquired under the issuer's Employee Stock Purchase Plan (ESPP).
• Filing: Form 4 was filed 2026-02-10 (covers transactions through Feb 9); the filing lists these disposals as tax/exercise-related (code F). The report does not specify post-transaction total holdings in the excerpt provided.

Context

• Code F indicates shares were surrendered/withheld to satisfy payment of the exercise price or tax withholding — effectively a cashless/tax-withholding mechanism associated with share awards or option/ESPP activity. Such transactions are routine administrative steps and do not necessarily signal a change in the insider’s view of the company.