Atlanta Braves (BATRK) EVP Gregory Heller Exercises Options, Sells Shares

What Happened

• Gregory John Heller, EVP, Chief Legal Officer & Secretary of Atlanta Braves Holdings (BATRK), exercised 80,263 option-derived shares at a strike of $27.18 per share (cost $2,181,548) on 2026-09-29 and immediately disposed of those 80,263 shares in an open-market sale for a weighted-average price of $53.89 per share (gross proceeds $4,325,373). The transactions were reported on a Form 4 filed 2026-10-01. The exercise/conversion of the derivative is also reported as a conversion/disposition at $0.00 (technical entry related to the derivative).

Key Details

• Transaction date: 2026-09-29; Form 4 filed: 2026-10-01 (timely filing).
• Exercise: 80,263 shares at $27.18 each — total cash paid ≈ $2,181,548.
• Sale: 80,263 shares at weighted-average $53.89 — gross proceeds ≈ $4,325,373; price range reported $53.64–$54.22 per footnote.
• Reported net proceeds (approx.): $4,325,373 − $2,181,548 ≈ $2,143,825.
• Footnotes: Sale executed pursuant to a Rule 10b5-1 trading plan adopted June 30, 2026; footnote clarifies weighted-average sale price and gives the price range.
• Shares owned after the transaction: Not specified in the provided filing extract.

Context

• This is an option exercise followed by an immediate sale of the acquired shares (a common way for insiders to monetize vested options). The presence of a Rule 10b5-1 plan indicates the sales were planned in advance and are generally viewed as routine trading rather than an ad hoc decision.