Porter James Richard 4

What Happened James R. Porter (President, CEO and Director) exercised options on March 6, 2026 to acquire 30,000 shares at $27.85 each (cost $835,500). On the same day he sold a total of 30,000 shares in three open‑market transactions for combined proceeds of $2,969,550: 13,585 shares (weighted avg $98.59) for $1,339,345; 16,015 shares (weighted avg $99.29) for $1,590,129; and 400 shares (weighted avg $100.19) for $40,076. The filing also shows a separate derivative conversion/disposition of 30,000 shares at $0 under code M (reflecting option exercise mechanics).

Key Details

• Transaction date: March 6, 2026. Form 4 filed March 10, 2026 (timely filing).
• Exercise: 30,000 shares @ $27.85 — $835,500 total cash cost.
• Sales (weighted averages / ranges):
  • 13,585 shares @ $98.59 (prices ranged $98.03–$99.01) — $1,339,345 (F2).
  • 16,015 shares @ $99.29 (prices ranged $99.03–$100.02) — $1,590,129 (F3).
  • 400 shares @ $100.19 (prices ranged $100.12–$100.25) — $40,076 (F4).
• Total sales proceeds: $2,969,550.
• The reporting person used a Rule 10b5‑1 trading plan adopted Dec 4, 2025 (F1).
• Vesting note: the underlying option shares vest monthly over four years from Jan 6, 2023 (F5).
• Shares owned after the transactions are not specified in the provided excerpt — see the full Form 4 for post‑transaction holdings.

Context This sequence — exercising options and selling an equivalent number of shares on the same day — is commonly a cash‑raising/cashless exercise pattern. The transactions were carried out under a pre‑arranged 10b5‑1 plan, which generally means the sales were scheduled in advance and may not reflect contemporaneous views on the stock. The separate $0 disposal line reflects the option conversion mechanics; consult the full filing for complete mechanics and ownership totals.