Kenneth Hvid, President and CEO of Teekay Corp Ltd (NYSE:TK), filed a Form 4 on September 11, 2026, reporting the exercise of stock options and the subsequent sale of common shares on the same date.

Key Highlights

  • Option exercise: Hvid exercised a stock option (transaction code M) for 132,884 shares of common stock at an exercise price of $5.81 per share on September 11, 2026.
  • Shares sold: Hvid disposed of 132,884 shares (transaction code S) at a weighted average price of $14.2801 per share on September 11, 2026.
  • Sale price range: According to the filing, the sale was executed in multiple trades at prices ranging from $14.25 to $14.355.
  • Remaining direct ownership: Following the transactions, Hvid directly holds 105,500 shares of common stock.
  • Options extinguished: The exercised stock option, which had an expiration date of June 7, 2033, now shows zero derivative securities remaining.
  • Dual role: The filing identifies Hvid as both a Director and an Officer (President and CEO) of Teekay Corp Ltd.

Teekay Corp President and CEO Reports Option Exercise and Share Disposition

According to the Form 4 filed with the SEC on September 11, 2026, Kenneth Hvid, who serves as President and CEO and as a Director of Teekay Corp Ltd, reported two linked transactions in the company's common stock. First, Hvid exercised a stock option covering 132,884 shares at a conversion price of $5.81 per share (transaction code M). Prior to this exercise, the filing shows Hvid's beneficial ownership of common stock stood at 238,384 shares directly held.

Immediately following the exercise, the filing reports that Hvid sold 132,884 shares (transaction code S) at a weighted average price of $14.2801 per share. The filing's footnote notes that "the transaction was executed in multiple trades at prices ranging from $14.25 to $14.355." After both transactions were completed, Hvid's direct beneficial ownership of common stock stood at 105,500 shares, according to the filing.

The derivative security table shows that the exercised stock option, which had a date exercisable of June 2, 2026, and an expiration date of June 7, 2033, is now fully reduced to zero remaining derivative securities. The filing was made by one reporting person and was signed by Kenneth Hvid on September 11, 2026.

What Was Disclosed

The filing discloses that Teekay Corp Ltd's President and CEO exercised 132,884 stock options at $5.81 per share and sold the same number of shares at a weighted average of $14.2801, leaving a direct holding of 105,500 common shares.