Madhavji Alykhan 4

What Happened Madhavji Alykhan, Chief Financial Officer of RTB Digital, exercised 145,881 stock options on June 4, 2026 at an exercise price of $1.89 per share, for a cash outlay of $275,715. The 145,881 shares were issued to BFF Ltd., an entity controlled by Mr. Alykhan (reported as a related-party issuance).

Key Details

• Transaction date and type: June 4, 2026 — Option exercise (SEC code M).
• Price and value: $1.89 per share; total cash paid $275,715.
• Shares issued: 145,881 shares were issued to BFF Ltd. per the filing.
• Holdings after transaction (per footnotes): BFF Ltd. previously held 233,410 shares and received 145,881 new shares (total 379,291). Mr. Alykhan disclaims beneficial ownership of BFF’s shares except to the extent of any pecuniary interest.
• Options remaining: Through BFF Ltd., Mr. Alykhan continues to hold options to buy 182,351 shares at $1.89, with vesting/expiration dates from Aug 1, 2026 to Aug 1, 2028.
• Filing timeliness: The Form 4 was filed on June 22, 2026 (18 days after the transaction), which is later than the typical two-business-day SEC reporting window.

Context This was a cash exercise of options (not a cashless exercise or open-market sale). The shares were issued to a related entity (BFF Ltd.) rather than reported as sold on the open market; related-party transfers and option exercises are common and do not by themselves indicate the insider’s market view.