Lowrance David L 4

What Happened

• David L. Lowrance, Chief Financial Officer of Savara Inc., exercised multiple stock option tranches on June 22, 2026 (total exercised: 580,187 shares from various option grants) and simultaneously disposed of shares to cover exercise costs/tax withholding and to raise cash.
• Specifics: exercised tranches included 75,000; 129,350; 56,937; 218,750; 12,500; and 87,650 shares at varying strike prices ($1.11–$4.45). To satisfy exercise price and tax withholding, 185,659 shares were delivered (treated as dispositions at a weighted $5.50 value). Separately, 394,528 shares were sold in the open market for aggregate proceeds of ~$2,241,432 (weighted sale prices ranged $5.54–$5.78).
• Net effect: the number of shares acquired via exercise (580,187) was fully offset by shares withheld for taxes/exercise (185,659) and shares sold (394,528), resulting in no net new shares retained from these exercises.

Key Details

• Transaction date: 2026-06-22 (reported on Form 4 dated the same day; timely filing).
• Open-market sale: 394,528 shares at a weighted avg ~$5.68 (total ~$2,241,432); sale prices ranged $5.54–$5.78 (see footnote F1).
• Tax/exercise withholding: 185,659 shares withheld/returned at $5.50 (cash value shown to cover exercise price or tax liability).
• Options exercised: total 580,187 shares across multiple option grants with various vesting schedules (see footnotes F2–F7 describing vesting history).
• Transaction codes: M = option exercise/conversion; F = payment of exercise price or tax liability (share withholding); S = open-market sale.
• Shares owned after transaction: the exercises were fully offset by withholding and sale, so no net increase in shares held from these exercises (the Form 4 does not list a separate post-transaction total holdings in the summary provided).

Context

• This was a typical cashless-type exercise and sell-down: options were exercised, some shares were used to satisfy exercise/tax obligations, and remaining shares were sold in the open market for cash proceeds. Such transactions can be routine for executives exercising vested options and do not by themselves indicate a change in insider sentiment.