Marquez Elena 4

What Happened

• Elena Marquez, Chief Financial Officer of Anterix (ATEX), exercised 1,226 stock options at $40.00/share (cost = $49,040) on 2026-06-17 and sold 4,291 shares in an open-market transaction at $79.50/share for proceeds of $341,135 the same day. The Form 4 also reports a derivative conversion/disposition of 1,226 shares at $0 (the filing does not state the reason for this line).
• The primary economic event for retail investors is the open-market sale of 4,291 shares (a routine insider sale), while the exercise of options generated the shares that were reported as acquired.

Key Details

• Transaction date: 2026-06-17; Form 4 filed: 2026-06-18 (timely).
• Sales: 4,291 shares @ $79.50 = $341,135.
• Option exercise: 1,226 shares @ $40.00 = $49,040 (code M = exercise/conversion of derivative).
• Derivative disposition: 1,226 shares @ $0 reported separately; filing gives no explanation for the $0 disposition.
• Shares owned after transaction: not disclosed in the filing.
• Footnote: Option shares vest and become exercisable in three equal annual installments beginning October 4, 2025.

Context

• The sequence—options exercised and shares sold the same day—is commonly used to cover exercise costs and taxes (cashless exercise or concurrent sale), but the filing does not specify the mechanics or reason for the $0 derivative disposition.
• This filing reports an executive sale rather than a purchase; sales are often routine and do not by themselves indicate the insider’s view of long-term value.