Richer Tobin P 4

What Happened

• Tobin Richer, EVP Marketing & Communications of OPENLANE (KAR), exercised a total of 66,709 stock options on May 6, 2026 (strikes of $13.81 and $18.23) — paying about $1,093,812 in exercise costs — and sold the resulting 66,709 shares in open-market transactions for total proceeds of approximately $2,386,321. The filing shows matching dispositions of the derivative awards tied to the exercises.

Key Details

• Transaction date: May 6, 2026; Form 4 filed May 8, 2026 (appears timely).
• Options exercised: 66,709 shares (multiple tranches at $13.81 and $18.23 strikes); aggregate exercise cash cost ≈ $1,093,812.
• Shares sold (open market): 66,709 shares; total gross proceeds ≈ $2,386,321 (weighted-average sale prices reported; see footnotes for price ranges).
• Reported sale price ranges (per footnotes): roughly $34.93–$36.14 across different lots (weighted averages used).
• Shares owned after the transactions: not specified in the excerpt of the filing.
• Footnotes: options were granted in 2021 with time- and price-based vesting conditions (see F5–F8). F1–F4 note weighted-average sale prices and provide ranges for individual trades.

Context

• This was an exercise of vested options followed by immediate sales of the shares (i.e., a cashless or sell-to-cover style outcome where exercised shares were sold in the market). That pattern converts option value to cash and is common for option holders; it does not by itself indicate a change in the insider’s long-term view.