ROCHE PATRICK J 4
4 · MOOG INC. · Filed Mar 12, 2026
Research Summary
AI-generated summary of this filing
Moog CEO Patrick Roche Exercises SARs; Shares Withheld for Taxes
What Happened Patrick J. Roche, CEO of Moog Inc. (MOGA/MOGB), exercised 5,000 Stock Appreciation Rights (SARs) on March 10, 2026. As reported, the exercise used an exercise price around $71.65 and the fair market value at exercise was $343.39. The SAR exercise resulted in issuance of 857 shares to Roche, while 4,143 shares were withheld/sold to satisfy tax withholding obligations (reported disposal value for withheld shares: $1,422,665). The Form 4 shows an "acquired" line and corresponding withholding — this is effectively a cashless exercise to cover taxes.
Key Details
- Transaction date: March 10, 2026; Form 4 filed March 12, 2026 (appears timely).
- SARs exercised: 5,000 (code M = exercise/conversion of derivative).
- Shares issued to insider: 857; shares withheld for taxes/disposed: 4,143 (code F = tax withholding).
- Prices reported: exercise price ≈ $71.65; FMV at exercise $343.39; withheld shares valued at $1,422,665.
- Footnotes: F2 explains the math behind shares issued vs. SARs exercised and that additional shares were withheld to satisfy tax withholding. F4/F5 note SARs were granted under the Moog 2014 LTIP and vest ratably over three years. F1 notes 63 shares from the Moog Employee Stock Purchase Plan included in holdings; F3 reflects equivalent shares in the company retirement plan.
- Shares owned after the transaction are not specified in the excerpt provided; see the full Form 4 for total holdings.
Context This was a derivative exercise with shares withheld to cover taxes (a common, routine “cashless” settlement). Such transactions report the exercise and the tax withholding separately; they do not by themselves indicate a directional bet on the stock.
Insider Transaction Report
- Exercise/Conversion
Class B Common
[F1]2026-03-10$71.65/sh+5,000$358,240→ 31,846 total - Tax Payment
Class B Common
[F2]2026-03-10$343.39/sh−4,143$1,422,665→ 27,703 total - Exercise/Conversion
SAR
[F4][F5]2026-03-10−5,000→ 5,000 totalExercise: $71.65Exp: 2026-11-15→ Class B Common (5,000 underlying)
- 18,661
Class A Common
- 604(indirect: 401 (k))
Class B Common
[F3] - 6,181
SAR
[F4][F5]Exercise: $82.31Exp: 2027-11-14→ Class B Common (6,181 underlying) - 6,988
SAR
[F4][F5]Exercise: $80.19Exp: 2028-11-13→ Class B Common (6,988 underlying) - 6,794
SAR
[F4][F5]Exercise: $85.95Exp: 2029-11-12→ Class B Common (6,794 underlying) - 4,452
SAR
[F4][F5]Exercise: $73.39Exp: 2030-11-17→ Class B Common (4,452 underlying) - 8,757
SAR
[F4][F5]Exercise: $83.00Exp: 2031-11-16→ Class B Common (8,757 underlying) - 7,658
RSU
[F6][F7]→ Class B Common (7,658 underlying)
Footnotes (7)
- [F1]Includes 63 shares of Class B common stock acquired under the Moog Inc. Employee Stock Purchase Plan on December 31, 2025.
- [F2]This represents the difference between the number of SARs exercised (5,000) and the number of shares issued as a result of the exercise (857). The number of shares to be issued under a SAR exercise is determined by multiplying the number of SARs being exercised by the difference between the FMV on the date of exercise ($343.39) and the exercise price ($71.648). Additional shares are then withheld to satisfy the Company's tax withholding obligations.
- [F3]Reflects equivalent shares held in Moog Inc. Retirement Savings Plan as of the most recent report to participants.
- [F4]Stock Appreciation Rights (SAR) granted under the Moog Inc. 2014 Long Term Incentive Plan.
- [F5]SARs become exercisable ratably over three years beginning on the first anniversary from the date of grant.
- [F6]Restricted Stock Units (RSU) granted under the Moog Inc. 2025 Long Term Incentive Plan. 33.33% of the total RSUs granted will each vest on November 15, 2026; November 15, 2027; and November 15, 2028.
- [F7]Each RSU represents a contingent right to receive one share of Moog Inc.'s Class B common stock.