Kestenberg-Messina Kaitlin M. 4

What Happened
Kaitlin M. Kestenberg‑Messina, COO and SVP Compliance of ADMA BIOLOGICS (ADMA), exercised multiple option tranches to acquire 10,096 shares (exercise costs totaled about $32,330) and sold those 10,096 shares in an open‑market sale for total proceeds of $157,800. In addition, the filing shows shares withheld by the issuer to satisfy tax withholding on RSU vesting (10,059 shares on 3/6 and 4,235 shares on 3/7) and a separate transfer/disposition of 91,266 shares on 3/9 in connection with a court‑approved divorce settlement.

Key Details

• Transaction dates: March 6–9, 2026. Filing date: March 10, 2026 (timely).
• Open‑market sale: 10,096 shares sold on 3/9 at a weighted average price ~$15.63, proceeds $157,800.
• Option exercises: 10,096 shares acquired on 3/9 via exercises at varying strike prices (2,500 @ $5.00; 1,250 @ $4.31; 2,646 @ $2.83; 1,525 @ $2.35; 2,175 @ $1.55); total exercise cash paid ≈ $32,330.
• Tax withholding: 10,059 shares (3/6) and 4,235 shares (3/7) were withheld by the issuer to satisfy mandatory tax withholding on RSU vesting (footnote F1) — not open market sales. Combined withheld shares represent ~14,294 shares (value shown at ~$15.39/share).
• Divorce transfer/sale: 91,266 shares shown as disposed on 3/9 (footnotes F2–F3 indicate transfer/sale per court‑approved divorce settlement).
• Shares owned after transactions: reporting shows 133,641 shares directly owned prior to these transactions; after the reported disposals the insider’s direct holdings drop to approximately 17,985 shares (plus substantial unvested RSUs—≈332,959 unvested RSUs as disclosed in footnotes F5–F6).
• Filing timeliness: No late filing flag noted; Form 4 was filed within normal timing.

Context

• This filing includes both option exercises and immediate sales (a common cashless/cash‑out pattern): options were exercised and the resulting shares were sold in the open market (sales offset the exercised shares).
• The tax‑withholding entries represent issuer withholding on RSU vesting (routine administrative dispositions), and the large 91,266‑share disposition is related to a divorce settlement — these do not necessarily indicate trading sentiment.
• Purchases (option exercises) are informative but here were followed by sales; the meaningful cash sale reported is the open‑market sale of 10,096 shares for $157,800.