Tennant director exercises options, uses shares for taxes

Tennant Co director Donal L. Mulligan exercised stock options to acquire 3,538 shares of common stock at $54.70 per share.

Rhea-AI Filing Summary

Tennant Co director Donal L. Mulligan exercised stock options to acquire 3,538 shares of common stock at $54.70 per share. To cover tax obligations, 2,456 shares of common stock were withheld at $78.81 per share rather than sold on the open market. Following these transactions, he holds 20,685 shares directly and 8,000 shares indirectly through a trust for his spouse. The exercised options were fully vested and no derivative options remain from this award.

Insights

Equity compensation analyst

Routine option exercise with tax withholding, no open-market trade.

Director Donal L. Mulligan exercised fully vested options for 3,538 Tennant Co shares at $54.70. This converts a derivative award into common stock and is a typical part of equity compensation, not an open-market purchase.

To satisfy tax obligations, 2,456 shares were used at a value of $78.81 per share, classified as a tax-withholding disposition rather than a market sale. Afterward, he holds 20,685 shares directly plus 8,000 shares indirectly via a spouse’s trust, indicating a continuing equity stake.

Insider Trade Summary

3,538 shares exercised/converted

Exercise 4 txns

Insider Mulligan Donal L

Role Director

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	3,538	$0.00	$0.00
Exercise	Common Stock	3,538	$54.70	$194K
Exercise Price or Tax Liability	Common Stock	2,456	$78.81	$194K
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option (right to buy) — 0 contracts (Direct); Common Stock — 20,685 shares (Direct); Common Stock — 8,000 shares (Indirect, By trust for spouse)

Footnotes (1)

1. F1. Fully vested.

Key Figures

Options exercised: 3,538 shares Exercise price: $54.70 per share Shares for tax withholding: 2,456 shares +3 more

6 metrics

Options exercised 3,538 shares Stock options converted to common stock on 2026-04-14

Exercise price $54.70 per share Price for stock option exercise

Shares for tax withholding 2,456 shares Used to pay tax liability on 2026-04-14

Tax withholding share value $78.81 per share Value applied in tax-withholding disposition

Direct holdings after transactions 20,685 shares Common stock held directly after 2026-04-14

Indirect holdings after transactions 8,000 shares Held by trust for spouse after 2026-04-14

Key Terms

Stock Option (right to buy), Exercise or conversion of derivative security, tax-withholding disposition, Payment of exercise price or tax liability by delivering securities, +2 more

6 terms

Stock Option (right to buy) financial

"security_title: Stock Option (right to buy)"

Exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

tax-withholding disposition financial

"transaction_action: tax-withholding disposition"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

Payment of exercise price or tax liability by delivering securities financial

"transaction_code_description: Payment of exercise price or tax liability by delivering securities"

indirect financial

"ownership_type: indirect"

By trust for spouse financial

"nature_of_ownership: By trust for spouse"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Tennant Co (TNC) director Donal Mulligan do in this Form 4?

Director Donal L. Mulligan exercised stock options for 3,538 Tennant Co shares at $54.70 each. He then used 2,456 shares to cover taxes, leaving him with 20,685 shares held directly and 8,000 shares held indirectly through a trust for his spouse.

Did Donal Mulligan sell Tennant Co (TNC) shares on the open market?

The filing shows no open-market sale. Instead, 2,456 shares were withheld at $78.81 per share to pay taxes related to the option exercise. This tax-withholding disposition is a standard mechanism and differs from selling shares to other investors in the market.

How many Tennant Co (TNC) options did Donal Mulligan exercise and at what price?

He exercised stock options covering 3,538 Tennant Co common shares at an exercise price of $54.70 per share. These options were fully vested and converted into common stock, increasing his direct share ownership before the separate tax-withholding transaction reduced the net shares received.

What are Donal Mulligan’s Tennant Co (TNC) holdings after these transactions?

After the transactions, Mulligan holds 20,685 Tennant Co common shares directly. In addition, 8,000 shares are held indirectly in a trust for his spouse. This split between direct and indirect ownership reflects both his personal holdings and related family-trust holdings reported in the filing.

What does the tax-withholding transaction mean in the Tennant Co (TNC) Form 4?

The tax-withholding disposition shows 2,456 shares valued at $78.81 each used to pay taxes due from the option exercise. Instead of paying cash, shares are surrendered back, reducing net shares received but avoiding a separate cash outlay while not signaling an open-market sale.

Were the Tennant Co (TNC) stock options exercised by Donal Mulligan fully vested?

Yes. A footnote specifies the options were fully vested when exercised. Fully vested options are exercisable without further service requirements, so converting them into 3,538 common shares reflects the completion of this compensation component for the reporting person.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/16/2026 - 04:15 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mulligan Donal L

(Last) (First) (Middle)

10400 CLEAN STREET

(Street)

EDEN PRAIRIE MINNESOTA 55344

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TENNANT CO [ TNC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/14/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/14/2026		M		3,538	A	$54.7	23,141	D
Common Stock	04/14/2026		F		2,456	D	$78.81	20,685	D
Common Stock								8,000	I	By trust for spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$54.7	04/14/2026		M			3,538	(1)	04/28/2026	Common Stock	3,538	$0	0	D

Explanation of Responses:

1. Fully vested.

	/s/ Kristin A. Erickson on behalf of Donal L. Mulligan	04/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)