ROHDE STEPHEN L 4

What Happened

• Director Stephen L. Rohde exercised stock options to acquire 5,000 shares (exercise reported at $0.00, reported value $9) and sold 5,000 shares in an open-market transaction at $19.00 per share for proceeds of $95,000 on May 11, 2026. The filing also reports a related derivative conversion/disposition of 5,000 shares (reported at $0).

Key Details

• Dates: Transactions occurred on 2026-05-11; Form 4 filed 2026-05-13 (within the usual 2-business-day window).
• Exercise (code M): 5,000 shares acquired at $0.00 (reported value $9).
• Open-market sale (code S): 5,000 shares sold at $19.00, proceeds $95,000.
• Derivative disposition (code M): 5,000 shares reported disposed at $0 (likely related to the option/settlement mechanics).
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Footnote: F1 — the stock options were fully vested and exercisable.

Context

• The insider exercised vested options and sold the acquired shares the same day, which is commonly a cashless exercise/monetization of option value rather than a pure purchase or directional bet. Code M indicates option exercise/conversion; code S indicates an open-market sale. This is a routine liquidity event; it is factual reporting rather than an explicit signal of future company performance.