Reeves William Brian Poppic 4

What Happened

• Reeves William Brian Poppic (CEO) had restricted stock units convert into common shares on July 1, 2026 (12,623 shares total: 1,075 + 11,548). To satisfy tax withholding tied to those vesting/settlement events, 4,868 shares were sold in the open market on July 2, 2026 at $0.49 per share for total proceeds of approximately $2,395. The conversion entries are reported as derivative exercises/conversions; the sales are reported as open-market dispositions.
• This was a routine “sell to cover” tax-withholding transaction mandated by the company (not a discretionary cash sale by the CEO).

Key Details

• Transaction dates/prices: RSU conversion reported 2026-07-01; open-market sales on 2026-07-02 at $0.49 per share.
• Shares sold: 4,868 shares; proceeds ≈ $2,395 (4,453 shares for $2,191 and 415 shares for $204).
• RSU conversions reported: 1,075 and 11,548 shares (12,623 shares total) on 2026-07-01 (derivative exercise/conversion).
• Shares owned after transaction: Not disclosed in this filing.
• Notable footnotes: F1 confirms RSUs convert 1-for-1 to common stock; F2 states the sale was a company-mandated “sell to cover” for tax withholding (not discretionary); F4/F6 describe the RSU vesting schedule and that a liquidity-event vesting condition was met upon the February 14, 2025 merger; F5 explains the RSUs were converted into Issuer RSUs as part of the business combination.
• Filing status: Form 4 filed July 6, 2026; the filing does not indicate a late-report flag.

Context

• These were RSU settlements with a company-mandated sell-to-cover for taxes (common practice). The filing shows conversion of restricted stock units followed by shares sold solely to satisfy withholding obligations — not an open-market investment decision by the CEO.