DAFFEY MICHAEL D 4

What Happened
Director Michael Daffey exercised stock options and sold shares on May 22, 2026. He exercised a total of 500,000 option-based derivatives (report shows two 250,000-share conversions). Of those, 250,000 shares were acquired via a cash exercise at $16.54 per share (cost ≈ $4,135,000). He sold 250,000 shares in the open market the same day in two tranches: 160,765 shares (weighted avg price $28.66; proceeds ≈ $4,607,509) and 89,235 shares (weighted avg price $29.27; proceeds ≈ $2,611,632). Total proceeds from the sales ≈ $7,219,141.

Key Details

• Transaction date: May 22, 2026 (Form 4 filed same day; timely filing).
• Option exercise: 250,000 shares acquired at $16.54/share for ≈ $4,135,000. An additional 250,000-share derivative conversion is reported at $0.00 in the filing (see footnotes).
• Open-market sales: 160,765 shares at a weighted avg $28.66 (proceeds ≈ $4,607,509); 89,235 shares at a weighted avg $29.27 (proceeds ≈ $2,611,632). Total sold = 250,000 shares, total proceeds ≈ $7,219,141.
• Footnotes of note:
  • F1/F6: These shares were issued upon exercise of options that were vested and set to expire May 27, 2026.
  • F2: Includes 5,419 shares to be delivered in settlement of deferred share units.
  • F3: Confirms the reporting person sold 250,000 shares issued upon exercise.
  • F4/F5: The reported sale prices are weighted averages; individual trades ranged $28.16–$28.99 and $29.00–$29.65 respectively (holder can provide breakdown on request).
• Shares owned after the transactions: Not specified in the provided excerpt of the filing.

Context
This was an options exercise plus immediate open-market sale of shares issued on exercise. That pattern (exercise followed by sale of exercised shares) is common for executives and directors when options are exercised near expiry or to cover option exercise costs/taxes; the filing itself does not state motivation. The filings show timely disclosure and provide weighted-average sale prices with ranges in footnotes.