Aiyar Priya 4

What Happened

• Priya Aiyar, Chief Legal Officer of Warner Bros. Discovery, on March 10, 2026 exercised 77,243 stock options at $11.02 per share (total exercise cost reported $851,218) and then sold those 77,243 shares in the open market at $27.85 for $2,151,218. She also sold an additional 21,408 shares at $27.85 for $596,213. Total reported cash proceeds from the sales: $2,747,431.
• The filing also shows the related derivative instrument disposed at $0, reflecting the option conversion/surrender tied to the exercise.

Key Details

• Transaction date: 2026-03-10.
• Option exercise: 77,243 shares acquired @ $11.02 (total reported $851,218) — transaction code M.
• Open-market sales: 77,243 shares @ $27.85 ($2,151,218) and 21,408 shares @ $27.85 ($596,213) — transaction code S. Combined sales = 98,651 shares for $2,747,431.
• A derivative entry shows 77,243 units disposed @ $0, indicating the option was converted/surrendered on exercise.
• Footnote: F1 — the option vests in three installments (33%, 33%, 34%) beginning March 3, 2026.
• Shares owned after the reported transactions are not specified in the provided filing.
• Filing/period date: 2026-03-10. No late-filing flag was indicated in the information provided.

Context

• This was an option exercise followed by same-day open-market sales of the resulting shares (commonly a sell-to-cover or immediate disposition). The transactions are disposals (sales) rather than a purchase/long-add, so they do not by themselves signal a purchase-based vote of confidence.
• The $0 disposal line for the derivative is standard when options are converted/surrendered on exercise. No 10b5-1 plan, tax-withholding method, or late filing was noted in the supplied details.