Dobkin Arkadiy 4

What Happened
Arkadiy Dobkin, Executive Chairman and a director of EPAM Systems (EPAM), exercised 41,026 stock options on March 25, 2026. The options had an exercise price of $70.52 (aggregate exercise price $2,893,154). As part of a net share settlement, the company withheld 30,082 shares to satisfy the exercise price and required tax withholdings; those withheld shares were valued at $133.26 each (total $4,008,727). The net result was an increase of 10,944 shares to Dobkin’s holdings (41,026 exercised − 30,082 withheld).

Key Details

• Transaction date: March 25, 2026; Form 4 filed March 26, 2026 (timely filing).
• Options exercised: 41,026; exercise price per share: $70.52; aggregate exercise price: $2,893,154.
• Shares withheld for exercise/taxes: 30,082 shares at $133.26 each = $4,008,727.
• Net shares received by Dobkin: 10,944 (41,026 − 30,082).
• Filing shows a derivative conversion line (0.00 per-share) reflecting the option-to-share conversion and a separate withholding (tax/exercise) line.
• Footnote F1: option was automatically exercised on a net-share settlement basis (company delivered shares less those withheld for exercise price/taxes).
• Footnote F2: the option vested on a 25% annual schedule on March 25 of 2017–2020 (i.e., fully vested).
• Shares owned after the transaction: not specified in the provided filing details.

Context
This was an exercise of stock options using net share settlement (a cashless method where some shares are surrendered to cover costs and taxes), not an open-market purchase or sale. Such exercises are common for executives when options vest or approach expiration; they do not by themselves indicate a buy/sell market view.