Rotonda Gerard 4

What Happened

• Director Gerard (Rotonda Gerard) reported a conversion/exercise of derivatives on 2026-02-09 in which 3,333 shares were acquired (conversion/exercise) and 3,333 shares were disposed at $0.00. The filing shows no cash proceeds for the disposal; the two offsetting transactions result in no net increase in share count from these actions.
• The Form 4 was filed on 2026-02-11 (reporting period 2026-02-09), which is within the typical two-business-day reporting window.

Key Details

• Transaction date: February 9, 2026; Form 4 filed February 11, 2026.
• Actions reported: two derivative (code M) transactions — 3,333 shares acquired (exercise/conversion) and 3,333 shares disposed at $0.00.
• Reported prices/values: acquisition price listed as N/A; disposal price $0.00 (no cash proceeds reported).
• Net effect: no net increase in shares from these line items (3,333 acquired / 3,333 disposed).
• Shares owned after transaction: not specified in the lines provided in the summary filing.
• Filing timeliness: filed two days after the transaction (timely by standard Form 4 rules).

Context

• Footnote F1 states restricted stock units (RSUs) represent contingent rights to receive subordinate voting shares and were settled in SV Shares — so this appears to be an RSU settlement/conversion event rather than an open-market purchase or sale.
• A disposal at $0.00 commonly reflects shares surrendered to the company to satisfy tax-withholding or similar obligations upon vesting/exercise; the filing itself notes RSUs and vesting schedules (see footnotes about remaining RSUs vesting in 2027 and issuance under the RSU plan).
• No purchase for investment purposes is indicated; these are compensation-related derivative conversions/settlements, and they do not by themselves imply an independent bullish or bearish signal.