Katkin Keith 4

What Happened
Keith Katkin, a member of the board of Emergent BioSolutions Inc. (EBS), sold 15,481 shares in an open-market transaction on April 30, 2026 for a total of $128,183 (weighted avg. price $8.28). On the same date he was granted 25,344 restricted stock units (RSUs) and 11,296 derivative awards (stock options), both reported with $0.00 acquisition price as board compensation grants.

Key Details

• Transaction date(s): April 30, 2026; Form 4 filed May 4, 2026 (no late-filing status indicated in the provided data).
• Sale: 15,481 shares disposed at a weighted-average price of $8.28; prices executed in the $8.23–$8.36 range; total proceeds $128,183.
• Grants: 25,344 RSUs (annual board grant) and 11,296 stock-option–type derivative awards granted at $0.00.
• Purpose of sale: Shares were sold under a Rule 10b5-1 trading plan (dated Nov 10, 2025) to satisfy tax obligations related to RSUs that vested April 29, 2026.
• Vesting: RSUs and the derivative awards vest on the “Annual Grant Vesting Date” (one day before the one‑year anniversary of the grant), contingent on continued board service.
• Shares owned after transaction: Not specified in the provided Form 4 excerpt.
• Footnotes of note: F1 describes RSU annual grant/vesting; F2 confirms 10b5-1 plan and tax-sale purpose; F3 explains weighted-average sale price and range; F4/F5 describe option nature and formula for option count.

Context
The sale appears to be a routine, tax-related disposition tied to vesting of director RSUs rather than a discretionary, opportunistic sale. The grants are standard annual non-employee director compensation: RSUs convert to shares on vesting, and the derivative awards are stock options that vest on the same schedule. For investors, routine tax-withholding sales under pre-established 10b5-1 plans are common and do not necessarily signal a change in insider sentiment.