Holewinski David 4

What Happened
David Holewinski, a director of Village Farms International, exercised stock options on January 20, 2026. The filing shows he acquired 25,000 shares at an exercise price of $1.09 per share (total cost $27,250) and simultaneously 25,000 shares were disposed of at $0 (surrendered), resulting in a net receipt of 25,000 shares. The transactions are coded "M" (option exercise).

Key Details

• Transaction date: 2026-01-20; Filing date: 2026-04-08 (filed >2 business days after the trade; appears late vs. SEC's 2-business-day rule).
• Acquired: 25,000 shares at $1.09 each (total cost $27,250).
• Disposed: 25,000 shares at $0.00 (surrendered/used to satisfy exercise cost or tax withholding; no cash proceeds).
• Shares owned after transaction: not specified in the provided filing.
• Footnote: Options were granted on March 29, 2016 and fully vested on March 29, 2019.

Context
For retail investors: code "M" means an option exercise. The zero-dollar disposition indicates shares were surrendered (commonly to cover the exercise price and/or tax withholding), so this appears to be a net exercise rather than an open-market sale. Such exercises are routine for vested option holders and don't by themselves signal a buy/sell opinion; however, purchases (taking on share ownership) tend to be more informative than routine surrenders. The late filing is administrative — it does not change the transaction itself but can be relevant for timely market transparency.