Croke Gary 4

What Happened
Gary Croke, Senior Vice President of Product and Innovation at AVIAT Networks (AVNW), exercised 6,914 stock options (M) on Feb 6, 2026 and immediately sold the 6,914 shares in an open-market transaction (S). He paid $7.23 per share to exercise the options (total exercise cost $49,988) and sold the shares at a weighted average price of $26.20 for total proceeds of $181,174. The difference between sale proceeds and exercise cost is about $131,186 (before taxes, fees or other costs). The filing also records a derivative conversion line for the exercised options (reported at $0) as part of the option exercise.

Key Details

• Transaction date: 2026-02-06 (filed 2026-02-09; filing is within the required window)
• Exercise: 6,914 shares acquired via option exercise at $7.23/share (total $49,988)
• Sale: 6,914 shares sold at a weighted average $26.20/share (total $181,174); sale prices ranged $26.00–$26.35 (F2)
• Plan/authorization: Sales and exercise were made pursuant to a Rule 10b5-1 trading plan (F1)
• Option grant info: Option granted Sept 20, 2019; vested three years from grant (Sept 20, 2022) (F3)
• Shares owned after transaction: not specified in the filing
• Transaction codes: M = option exercise; S = open-market sale; the $0 derivative line reflects conversion of the option into common shares

Context
This was effectively a cashless exercise: the insider exercised vested options and immediately sold the acquired shares under a pre-established 10b5-1 plan. Such transactions are commonly routine (often to cover the exercise cost, taxes, or diversify holdings) and are not, by themselves, a clear signal of company performance.