Robinson Jill L. 4

What Happened

• Jill L. Robinson, EVP, Chief Financial Officer & Treasurer of Atlanta Braves Holdings, exercised 60,000 options on Feb 13, 2026 at a strike price of $27.18 (total exercise cost $1,630,800) and the same day disposed of 60,000 common shares in an open-market sale at $42.00 per share for total proceeds of $2,520,000. The filing also reports the derivative instrument for 60,000 options as disposed (reported at $0.00), reflecting the conversion/exercise.

Key Details

• Transaction date: 2026-02-13
• Exercise: 60,000 shares acquired at $27.18 each — total cost $1,630,800 (code M)
• Sale: 60,000 shares sold at $42.00 each — total proceeds $2,520,000 (code S)
• Footnote: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted May 15, 2025 (F1).
• Shares owned after the transaction: not disclosed in the Form 4 filing provided.
• Filing timeliness: The Form 4 was filed on 2026-02-18 for a 2026-02-13 transaction (appears to be filed after the typical 2 business‑day window).

Context

• This sequence (exercise of options followed by same‑day sale of the acquired shares) is commonly reported as a cashless exercise or immediate monetization of option value. The sale was executed under a pre-established Rule 10b5-1 plan, which is a predetermined trading arrangement and is generally treated as routine rather than a real-time expression of sentiment. The filing shows both the option exercise and the cessation/settlement of the derivative instrument.