Porter Stuart D 4

What Happened
Stuart D. Porter, listed as a 10% owner, recorded derivative activity and an award on May 28, 2026. The filing shows an exercise/conversion of 28,037 derivative shares (Form 4 code M) at $0.00 (no cash paid) and a same-day disposition entry for 28,037 derivative units (also $0.00). In addition, Porter was granted/received 30,227 restricted stock units (RSUs) at $0.00. All reported transactions show $0 consideration (total value $0 on the face of the filing).

Key Details

• Transaction date: May 28, 2026; Filing date: June 1, 2026 (ACC: 0001193125-26-252030).
• Actions: M = exercise/conversion of derivative (28,037 shares acquired; same quantity also marked disposed as a derivative), A = grant/award of 30,227 RSUs (acquired).
• Price/Value: $0.00 per share/unit as reported; reported transaction values = $0.
• Shares owned after transaction: Not specified in the provided excerpt of the Form 4.
• Footnotes of note:
  • F1: Porter is sole shareholder of Three Curve Holding Corp., general partner of Three Curve Capital LP—entities may be deemed to share beneficial ownership; they disclaim such ownership except for pecuniary interest.
  • F2: Each RSU represents a contingent right to one share.
  • F3: The RSUs vested on May 28, 2026.
  • F4: Some RSUs may vest on the earlier of May 28, 2027 and the next annual shareholders’ meeting (per filing language).
• Timeliness: Reported period covers May 28, 2026; filing was made June 1, 2026. The filing does not flag a late-report code in the provided data.

Context

• M-code entries indicate exercise or conversion of derivative securities; the simultaneous $0.00 disposition line suggests conversion/settlement mechanics rather than a cash sale, but the filing does not provide further detail on whether shares were sold for cash or net-settled.
• The RSUs (per F2/F3) are contingent rights to shares and in this case are reported as vested on May 28, 2026—vesting converts the RSU award into a right to receive shares per the plan terms.
• As a reported 10% owner (not labeled as an executive here), this filing reflects large-holder/institutional-related activity rather than a routine executive open-market buy/sell; investors should treat it as ownership/award-related activity, not necessarily a market sentiment signal.