Chart Industries (GTLS) CTO Joseph Belling Sells Shares

What Happened Joseph A. Belling, Chief Technology Officer of Chart Industries (GTLS), had 15,731 shares of Chart common stock converted and paid out at $210.00 per share, resulting in $3,303,510 in cash proceeds. The Form 4 also shows three additional dispositions of derivative awards (1,350; 4,756; and 1,780 units) with no per‑share price or dollar amount reported — these represent cash or equity conversions of stock options, restricted stock units (RSUs), and performance stock units (PSUs) under the Merger Agreement with Baker Hughes.

This was not an open‑market sale by the insider but a cash‑out/settlement tied to the July 28, 2025 Merger Agreement where Chart common shares were canceled and converted into merger consideration. Such transactions are routine in a corporate acquisition and reflect the merger payout and award conversions rather than a discretionary sale.

Key Details

• Transaction date: 2026-07-16 (Effective Time under the Merger Agreement).
• Primary cash conversion: 15,731 shares × $210.00 = $3,303,510.
• Additional dispositions: 1,350; 4,756; 1,780 — listed as derivative dispositions with N/A price/amount in the filing (these are cash/equity settlements of options/RSUs/PSUs).
• Footnotes: F1–F4 detail the Baker Hughes merger mechanics — common shares canceled and converted to $210/share cash; stock options converted to a cash amount based on strike; RSUs/PSUs vested/converted per agreement.
• Shares owned after transaction: filing indicates common shares were canceled and converted under the merger; the Form 4 does not report retained Chart common stock post‑closing.
• Filing timeliness: Reported for the transaction date (no late filing noted).

Context

• Derivative settlements explained simply: outstanding Chart stock options were converted into a cash payment equal to (shares subject × (merger price − exercise price)); time‑vested RSUs were cashed out at the merger price; PSUs vested pro‑rata and were converted per the agreement.
• This activity reflects merger consideration and award settlement mechanics, not a standalone insider sentiment trade.