Hensley William L. Iggiagruk 4

What Happened

• William L. Iggiagruk (Director) exercised options and sold stock on May 8, 2026. He exercised 50,000 shares at an effective U.S. cost of $0.57 each (total cost $28,500) and sold 50,000 shares in an open-market transaction at $4.44 each for proceeds of $222,000. The filing also records a 50,000-share derivative conversion/transaction shown at $0.00 (no cash consideration reported).
• This sequence—exercise of derivative securities followed by a market sale—looks like an exercise-plus-sale (cashless exercise) where the insider acquires shares via exercise and then disposes of shares in the open market. The sale is a disposition (routine liquidity) rather than a direct purchase of additional shares.

Key Details

• Transaction date: 2026-05-08; Form 4 filed 2026-05-12 (filed within the required reporting window).
• Exercise: 50,000 shares @ $0.57 (USD) = $28,500 (footnote: converted from C$0.78 at C$1.3686 = US$1.00).
• Sale: 50,000 shares @ $4.44 (USD) = $222,000 (footnote: converted from C$6.08 at C$1.3686 = US$1.00).
• Derivative conversion/recording: 50,000 shares @ $0.00 (no cash reported) — filing lists this as an exercise/conversion (M) with zero price.
• Shares owned after the transaction: not specified in the transaction summary provided.
• Transaction codes: M = exercise/conversion of derivative; S = sale (open market). No 10b5-1 or tax-withholding footnotes were listed in the excerpt.

Context

• When options are exercised and the underlying shares are sold the same day, it's often a cashless exercise to realize value or cover option costs/taxes; it is not by itself an indicator of the director’s long-term view. The filing includes currency conversion footnotes for Canadian-dollar prices; the sale and exercise prices shown are the U.S. dollar equivalents.