Schmidt James F 4

What Happened

• James F. Schmidt (CFO, Treasurer, Secretary and Director) exercised stock option awards on June 22, 2026 (1,216 shares at $32.89 and 908 shares at $44.07; total exercise cost ~$80,010) and sold the same 2,124 shares in a series of open‑market transactions for aggregate proceeds of approximately $765,906.
• The filing also reports a grant of 548 shares under the company’s Amended and Restated 2000 Stock Option and Incentive Plan (vesting over five years). Several exercise/disposition lines show $0 proceeds, consistent with net settlement/tax withholding entries in the Form 4.

Key Details

• Transaction date: June 22, 2026 (Form 4 filed June 23, 2026).
• Exercises: 1,216 shares @ $32.89 ($39,994) and 908 shares @ $44.07 ($40,016) — total 2,124 shares; total exercise cost ≈ $80,010.
• Open‑market sales: 2,124 shares sold in multiple trades at prices ranging roughly from $351.38 to $367.12; total proceeds ≈ $765,906.
• Notable footnotes: sales were effected pursuant to a Rule 10b5‑1 trading plan adopted Dec 10, 2025 (F1). The new grant (548 shares) vests over five years (F12). Several sale price entries are reported as weighted averages with per‑trade price ranges detailed in the filing (F2–F11).
• Shares owned after transaction: not stated in the provided data.
• Filing timeliness: transaction reported the next business day — not shown as late.

Context

• This appears to be an exercise followed by immediate sales (a sell‑to‑cover/cashless pattern), which is common when insiders monetize option exercises rather than a fresh open‑market purchase (not necessarily an indicator of positive or negative sentiment).
• The use of a prearranged 10b5‑1 plan means the sales were executed under a previously adopted trading plan, which reduces the likelihood the trades were based on contemporaneous, undisclosed company information.
• The new grant vests over time, so those awards are not immediately liquid.