Cates Steven M. 4

What Happened Steven M. Cates, Chief Financial Officer and SVP–Finance of Westwater Resources, was granted two equity awards on May 22, 2026: 446,500 restricted stock units (RSUs) (time-based) and 133,950 RSUs (performance-based). Both grants show an acquisition price of $0.00 (no cash paid up front); combined, they total 580,450 RSUs that represent contingent rights to receive common shares if vesting conditions are met. This is an award/grant (not a purchase or sale).

Key Details

• Transaction date: 2026-05-22; Filing date: 2026-05-27 (filed 5 calendar days / ~3 business days after the transaction — appears later than the typical 2-business-day Form 4 window).
• Grants: 446,500 RSUs (price $0.00) and 133,950 RSUs (price $0.00); aggregate = 580,450 RSUs.
• Footnotes:
  • F1 (446,500 RSUs): Time-based RSUs vesting in three equal annual installments beginning December 31, 2026.
  • F2 (133,950 RSUs): Performance-based RSUs vesting one-third based on total shareholder return (TSR) for each of the years ending Dec 31, 2026, 2027 and 2028.
• Shares owned after the transaction: Not specified in the provided filing excerpt.
• Transaction code: A (award/grant). No sale or purchase reported; no cash changed hands at grant.

Context RSUs are contingent awards that convert to actual shares only if vesting conditions are met (time or performance). Because these were grants (not open-market purchases or sales), they do not directly signal immediate bullish or bearish insider trading; they reflect compensation structure. The late filing may reduce near-term transparency but does not change the nature of the grants.