Insider Report: Richard Breeden Acquires 4,110 STE Shares via Option
Rhea-AI Filing Summary
Richard C. Breeden, a director of STERIS plc (STE), reported an acquisition on 08/13/2025 of 4,110 ordinary shares via the exercise of a fully vested director stock option with an exercise price of $64.05 per share. After the transaction he beneficially owned 36,664 shares directly and 27,242 shares indirectly through affiliated entities, with certain indirect holdings described as interests in Breeden-managed funds and partnerships. The option is associated with terms originating from STERIS's 2019 redomiciliation and is exercisable with an indicated date of 08/31/2025. The Form 4 was signed on 08/15/2025.
Positive
- Director exercised a fully vested option, indicating alignment with shareholder interests by converting compensation into equity
- Clear disclosure of indirect ownership through Breeden-managed entities with an explicit disclaimer for certain partnership-held shares
Negative
- None.
Insights
TL;DR: Insider exercised a vested option to acquire 4,110 shares at $64.05, modestly increasing insider alignment without material ownership change.
The transaction reflects a routine exercise of a fully vested director stock option granted in connection with the 2019 redomiciliation. The exercise price equals the stated option strike of $64.05, and the resulting direct beneficial ownership is 36,664 shares. Given the absolute size of the purchase relative to typical public company floats, this is unlikely to be materially market-moving but signals continued insider alignment with shareholders.
TL;DR: A director converted a vested option to shares; disclosure identifies indirect holdings through managed entities and includes an ownership disclaimer.
The filing clearly discloses potential indirect beneficial ownership via Breeden Capital entities and a disclaimer for certain limited partnership-held shares. The form follows Section 16 reporting conventions and notes the option traces to corporate redomiciliation terms. From a governance perspective, the disclosure appears complete and transparent regarding relationships and beneficial ownership assertions.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Director Stock Option (right to buy) | 4,110 | $0.00 | -- |
| Exercise | Ordinary Shares | 4,110 | $64.05 | $263K |
| holding | Ordinary Shares | -- | -- | -- |
Footnotes (1)
- Pursuant to Rule 16a-1(a)(2)(ii)(B) of the Securities Exchange Act of 1934, as amended, Mr. Breeden in his capacity as managing member, as well as chairman and chief executive officer of Breeden Capital Management LLC and as the managing member of Breeden Capital Partners LLC, may be deemed to be the indirect beneficial owner of the ordinary shares owned by the Fund and its General Partner, and may be deemed to have beneficial ownership of all such shares. Mr. Breeden disclaims beneficial ownership over 1,358 of these shares held by Breeden Partnership LLP. Richard C. Breeden is the managing member of Breeden Capital Partners LLC, and managing member and chairman and chief executive officer of Breeden Capital Management LLC. Breeden Capital Partners LLC (the "General Partner") is in turn the general partner of Breeden Partners L.P. (the "Fund"). This option to purchase 4,110 STERIS plc ordinary shares, which is fully vested, was received in connection with the redomiciliation of STERIS plc to Ireland in March 2019 in exchange for an option to purchase 4,110 ordinary shares for $64.05 per share in STERIS plc prior to the redomiciliation ("Old STERIS"), subject to the same terms and conditions as the original Old STERIS stock option.
