FRANK MORGAN C. 4

What Happened

• Frank Morgan (reported as a 10% owner) received two derivative awards on 2026-03-31: 62 and 250 option-type derivative shares (total 312). The filing lists these as grants/awards (code A) and identifies them as options in the footnotes. No exercise prices or dollar values are reported (listed as N/A).
• These awards were granted under the issuer's Outside Director Compensation Plan and, per the filing, were fully vested and immediately exercisable on the grant date. This is an equity compensation event (not a purchase or sale).

Key Details

• Transaction date: 2026-03-31; Form 4 filed: 2026-04-09 (appears to have been filed after the typical 2-business-day Form 4 window).
• Grants: 62 derivative shares and 250 derivative shares (total 312); reported price/value: N/A.
• Shares/ownership after transaction: beneficial ownership for this class is reported as N/A in the filing (see footnote about reporting of different option classes).
• Footnotes: F1 — options granted under Outside Director Compensation Plan and fully vested/exercisable on grant date. F2 — column 9 reports only total beneficial ownership of the specific class; options with different exercise prices/terms are not grouped together.
• Filing timeliness: filed 9 days after the grant date; Form 4 is normally due within two business days, so this filing appears late.

Context

• These were compensation grants (options) to an insider and thus are routine director compensation rather than an open-market purchase or sale. Because they were fully vested and exercisable on grant, the holder could exercise them immediately, but the filing does not show any exercise or sale.
• No exercise prices or fair-market values are disclosed, so the dollar value and immediate economic impact cannot be determined from this filing alone.