Yorke Justin W 4

What Happened

• Justin W. Yorke, a director of Processa Pharmaceuticals (PCSA), had a derivative conversion/exercise on June 26, 2026 that resulted in 203 shares being issued to him. The filing shows a matching line disposing of 203 derivative units at $0.00. The transaction is reported under code M (exercise or conversion of a derivative).
• The filing includes Footnote F1 describing this as a "distribution of time-based service award," which typically means vested restricted stock units or a similar time-based award were converted into common shares. No cash proceeds are shown in the filing.

Key Details

• Transaction date: 2026-06-26
• Transaction type/code: Exercise/conversion of derivative (Code M)
• Shares acquired: 203
• Disposal reported: 203 shares at $0.00 (no cash consideration reported)
• Footnote: F1 — Distribution of time‑based service award
• Shares owned after transaction: Not specified in the excerpt provided
• Filing timeliness: Report filed 2026-06-30 — appears to be timely (within the Form 4 reporting window)

Context

• Code M indicates an exercise or conversion of a derivative instrument. The footnote clarifies this was a time‑based award distribution (e.g., RSU vesting converted into shares), not an open‑market purchase or sale.
• Because no sale for cash is reported, this is not a liquidity event and does not necessarily indicate a change in the insider’s market view. It primarily reflects vesting/settlement of compensation.