CROWELL GAYLE A 4

What Happened
Gayle A. Crowell, a director of Hercules Capital, acquired 7,317 shares on March 26, 2026, at an average price of $14.35 per share for a total value of approximately $104,999. The filing lists the transaction as a purchase (code P) and indicates the shares were received based on Crowell’s election to take stock instead of cash compensation as a director.

Key Details

• Transaction date: 2026-03-26. Form 4 filed: 2026-03-30 (filed within the standard two-business-day window).
• Purchase details: 7,317 shares at an average price of $14.35; actual prices ranged from $14.31 to $14.39. Total consideration ≈ $104,999. (F2)
• Reason/source: Shares were issued in lieu of cash director compensation (F1).
• Other: The reported share total includes shares acquired under Hercules Capital’s dividend reinvestment plan, noted as exempt under Rule 16a-11 (F3).
• Shares owned after transaction: Not specified in the provided summary of the filing.

Context
Receiving stock in lieu of cash is a common director compensation choice and is recorded as a purchase for reporting purposes. Dividend reinvestment plan purchases are often treated as routine and are exempt under Rule 16a-11; this filing does not by itself indicate the director’s market view.