Bennett David P 4

What Happened
David P. Bennett, Nextpower’s Chief Accounting Officer, exercised 55,075 performance-based options (exercise price $21.00, total cost $1,156,575) on May 18, 2026, and the 55,075 shares were sold on May 19, 2026 under a 10b5-1 plan for aggregate proceeds of approximately $7.03 million. On May 19 he was also granted equity awards totaling 26,513 units (6,212; 8,283; 12,018) in the form of RSUs and PSUs (see footnotes).

Key Details

• Transaction dates: Options exercised 2026-05-18; share sales and awards 2026-05-19. Form 4 filed 2026-05-20 (timely).
• Exercise: 55,075 Performance Options exercised at $21.00 = $1,156,575 paid.
• Sales: 55,075 shares sold across multiple trades on 2026-05-19 at weighted average prices in tiers (ranges reported in footnotes) for total proceeds ≈ $7,031,683. Sales were effected under a 10b5-1 trading plan.
• Awards: 6,212 + 8,283 + 12,018 = 26,513 RSU/PSU units granted on 2026-05-19. RSUs vest in tranches (30%/30%/40% over 2027–2029); PSUs were certified as earned subject to an rTSR modifier and further vesting conditions.
• Forfeiture/limits: A “Max Benefit Limit” capped gain and resulted in forfeiture/cancellation of 63,973 Performance Options (per footnote).
• Purpose of sales: Footnote indicates part of the sales included shares sold to satisfy the exercise price and tax withholding obligations.
• Shares owned after transaction: Not specified in the excerpt provided.

Context
This was essentially an exercise-and-sale (often called a cashless exercise) where the insider converted vested performance options and sold the resulting shares under a pre-set 10b5-1 plan. The filing also records new time-based RSUs and performance-based PSUs; PSUs remain subject to multi-year performance modifiers and continued service for final vesting. These are routine insider transactions for compensation realization and tax/price-management purposes; the filing was submitted promptly.