Leonard Braden Michael 4

What Happened
Leonard Braden Michael, reported as a 10% owner, exercised in‑the‑money option/derivative awards to acquire a total of 294,500 Outset Medical (OM) shares at an exercise price of $5.00 per share. The two exercises were: 197,600 shares (May 8) for $988,000 and 96,900 shares (May 11) for $484,500 — $1,472,500 paid in cash to acquire the shares. These were acquisitions (not sales), which is generally viewed as a purchase signal rather than routine selling.

Key Details

• Transaction dates and amounts: May 8, 2026 — 197,600 shares @ $5.00 ($988,000); May 11, 2026 — 96,900 shares @ $5.00 ($484,500).
• Total shares acquired: 294,500; total cash paid: $1,472,500.
• Filing: Form 4 filed May 12, 2026, reporting the May 8 and May 11 transactions. No late‑filing notation appears in the provided excerpt.
• Shares owned after transaction: Not specified in the provided excerpt.
• Footnote (F1): BML Capital Management, LLC is the GP of the fund that directly owns the shares. Mr. Michael is managing member of BML Capital and exercises investment/voting control; the filing discloses this possible beneficial control but he disclaims beneficial ownership except for his pecuniary interest.

Context

• These were option exercises (derivative exercises) — Mr. Michael paid cash to convert options into common shares. The filing shows the shares were "acquired" (no simultaneous sale reported), so this was not a cashless exercise/sell-to-cover in the disclosed transactions.
• As a reported 10% owner and managing member of the GP for the fund that holds the shares, this filing reflects institutional ownership/control relationships rather than routine executive salary sell/buy dynamics.
• For retail investors: purchases (including exercised options that result in acquired shares held) can be informative, but filings disclose actions, not motivations.