Berman David M 4

What Happened

• David M. Berman, Head of Research & Development at Immunocore Holdings plc (IMCR), had 11,824 restricted stock units (RSUs) vest and convert to ordinary shares on Feb 17, 2026 (reported as an M — exercise/conversion of a derivative) at $0.00 exercise price.
• Following the vesting, 5,965 of those shares were sold in an open-market sell-to-cover transaction on Feb 18, 2026 at a weighted average price of $32.35, generating proceeds of $192,968. The sales prices ranged from $32.17 to $32.70.

Key Details

• Transaction dates: Feb 17, 2026 (RSU conversion/exercise), Feb 18, 2026 (open‑market sale).
• Shares acquired via conversion: 11,824 RSUs -> 11,824 ordinary shares (no exercise cost noted).
• Shares sold: 5,965 shares disposed at a weighted average $32.35; total proceeds $192,968. Sales price range: $32.17–$32.70 (see footnote F3).
• Purpose of sale: sell-to-cover to satisfy income tax withholding on RSU vesting (footnote F2).
• RSU grant context: These RSUs were part of a grant of 47,297 RSUs made Feb 17, 2025 that vest in four equal annual installments starting Feb 17, 2026 (footnote F5). Each RSU represents one ordinary share (footnote F4).
• ADR note: Ordinary shares may be represented by American Depositary Shares (1 ADS = 1 Ordinary Share) (footnote F1).
• Filing timeliness: Report covers transactions on Feb 17–18, 2026 and was filed Feb 19, 2026 — appears to be filed within the normal two‑business‑day window for Form 4s.

Context

• This is a routine tax‑related sell-to-cover following RSU vesting rather than a discretionary open‑market sale for investment purposes. The RSUs converted into shares at $0.00 (typical for RSU vesting), and only a portion of the vested shares were sold to cover taxes. Based on the reported numbers, approximately 11,824 vested and 5,965 were sold — implying roughly 5,859 shares remained with the insider from this vesting, assuming no other dispositions were made (calculation: 11,824 − 5,965 = 5,859).
• For retail investors: such sell-to-cover transactions are common and generally reflect tax withholding requirements rather than a direct signal of the insider’s views on the stock.