Mitrany Rayten Michal Ety 4

What Happened

• Mitrany Rayten (Director) exercised a total of 27,500 stock options in two transactions: 10,000 on May 19, 2026 and 17,500 on May 20, 2026 (Form 4 codes M for exercise). The exercise price is NIS 15.26 per share (Footnote F2).
• To cover the exercise price and tax withholding (Form 4 code F), the company retained (withheld) 3,440 shares on May 19 and 6,080 shares on May 20 (total 9,520 shares). Net shares delivered to the reporting person were 27,500 − 9,520 = 17,980 shares. The filings also show the derivative positions were terminated on exercise (reported at $0.00 as derivative disposition).

Key Details

• Dates: Exercises on 2026-05-19 and 2026-05-20; Form 4 filed 2026-05-21 (appears timely).
• Exercise price: NIS 15.26 per share (F2). Company withheld shares at valuations of NIS 44.36 and NIS 43.92 per share for the withholding transactions (F4, F5).
• Shares owned after the transactions: not explicitly stated in the filing. Footnote F3 notes the ownership figure reported includes 6,250 unvested RSUs that vest quarterly through March 5, 2028.
• Option grant/vesting: options were granted Jan 13, 2020 and were fully vested by Nov 28, 2023 (F6).
• ADS note: ordinary shares may be represented by American Depositary Shares (one ADS = one ordinary share) (F1).
• Transaction codes: M = option exercise; F = payment of exercise price/tax via share withholding (cashless).

Context

• This was an exercise of already-vested employee stock options, not an open-market purchase or market sale. The company’s withholding of shares to cover the exercise price/taxes is a common cashless exercise method and does not necessarily signal a buy/sell opinion by the insider.
• For retail investors: exercises show insider monetization of vested options; purchases (buys) generally carry more informational weight than routine option exercises with withholding.