THOMAS PAUL 4

What Happened
Thomas Paul, a member of Axogen’s Board of Directors, had 18,867 restricted stock units (RSUs) vest on June 19, 2026, which converted into 18,867 shares of Axogen common stock. The Form 4 shows two related entries (exercise/conversion of a derivative and the resulting acquisition) at a $0.00 exercise price, so no cash was paid. The equity award is the director’s annual grant, reported as having a $200,000 valuation on the grant date (implies roughly $10.60 per share at grant valuation).

Key Details

• Transaction date: June 19, 2026 (reported on Form 4 filed June 23, 2026)
• Transaction code: M (exercise/conversion of derivative) — reflects RSU vesting and conversion to shares
• Shares acquired: 18,867; price per share shown: $0.00; cash paid: $0
• Footnotes: F1 = RSUs vested June 19, 2026; F2 = each RSU equals one share; F3 = annual director equity grant based on $200,000 valuation, vested on one-year anniversary
• Shares owned after the transaction: not specified in the provided filing excerpt
• No sale reported — shares were issued on vesting, not sold

Context
This was a routine compensation event (annual director RSU grant vesting) rather than a market purchase or sale. Such vesting is a common part of director pay and does not by itself indicate buying or selling sentiment. The Form 4 shows the standard conversion of RSUs into shares (derivative conversion), with no immediate cashless sale reported.