Form 4: Rocky Brands SVP Sells All Direct Shares After Option Exercise

Rocky Brands' SVP of Georgia Boot & Durango, Byron Wortham, exercised stock options and subsequently sold all 6,600 direct shares, including previously held stock, on November 5, 2025.

Summary

• Byron Wortham, SVP Georgia Boot & Durango at Rocky Brands, Inc. (RCKY), reported transactions on November 5, 2025.
• Exercised options to acquire 2,000 shares of common stock at an exercise price of $18.90 per share.
• Exercised options to acquire 400 shares of common stock at an exercise price of $11.55 per share.
• Subsequently sold a total of 6,600 shares of common stock at a weighted average price of $29.8983 per share.
• The sale price for the 6,600 shares ranged from $29.8287 to $30.02 per share.
• Following these transactions, Wortham's direct beneficial ownership of common stock is 0 shares.
• The 6,600 shares sold included the 2,400 shares acquired through option exercises and an additional 4,200 shares previously held.

Sentiment

Score: 4

Explanation: The filing reports an executive's exercise of stock options and subsequent sale of all 6,600 shares, including 4,200 previously held shares, reducing their direct beneficial ownership to zero. While the executive realized a profit, the complete divestment of direct holdings could be viewed with slight concern regarding the executive's long-term equity alignment with the company.

Positives

• Executive realized a profit by exercising options at lower prices ($18.90 and $11.55) and selling shares at a higher weighted average price of $29.8983.
• The sale price of $29.8983 is significantly above both exercise prices, indicating a profitable transaction for the executive.

Negatives

• The executive sold all 6,600 shares, including 4,200 previously held shares and the 2,400 shares acquired through option exercises, reducing their direct beneficial ownership to zero. This could be interpreted as a reduction in the executive's direct equity stake and alignment with shareholder interests.

Future Outlook

N/A

Industry Context

N/A

Related Party Transactions

• Byron Wortham, SVP Georgia Boot & Durango, exercised stock options and sold common stock of Rocky Brands, Inc., which is a related party transaction.

Stakeholder Impact

• Shareholders: May view the executive's sale of all acquired and previously held shares neutrally or slightly negatively, depending on their interpretation of insider selling and executive alignment.

Key Dates

Recommendation

While the executive sold all direct holdings, this Form 4 represents a personal financial transaction and does not inherently signal a change in the company's fundamental outlook or operational performance. Investors should consider this in the context of broader company financials and market conditions, maintaining a 'hold' recommendation unless further material information emerges.

Keywords

Rocky Brands, RCKY, Insider Trading, Form 4, Stock Option Exercise, Share Sale, Executive Compensation, Byron Wortham