BUEHLER ALEXANDER J 4

What Happened
Alexander J. Buehler, Interim President & CEO and a director of Energy Recovery, exercised 15,327 stock option shares at an exercise price of $8.60 per share (total cost $131,812) on June 15, 2026. On the same date he sold 14,900 shares in the open market for total proceeds of $129,779 (reported at an average price of $8.71 per share). The Form 4 also reports a derivative disposition entry tied to the exercise, indicating the exercised options were settled and shares disposed.

Key Details

• Transaction date: June 15, 2026; Form 4 filed June 17, 2026.
• Option exercise: 15,327 shares acquired at $8.60 each (total $131,812).
• Open-market sale: 14,900 shares disposed; reported price shown $8.71 for that line (total $129,779). Footnote notes weighted-average sale prices ranged $8.60–$8.86 and the filer will provide details on request.
• Vesting/expiration: the options became fully vested June 23, 2017 and expire June 23, 2026 (per footnote).
• Shares owned after transaction: not specified in the filing.
• Filing timeliness: filed two days after the transaction (June 17 for a June 15 trade), which is consistent with the standard Form 4 reporting window.

Context

• This was an option exercise combined with near-immediate sales. When exercised shares are sold the same day, it’s commonly a cashless exercise or sell-to-cover to pay exercise costs/taxes; the filing shows most (but not necessarily all) exercised shares were disposed.
• These trades are routine insider transactions and, by themselves, do not necessarily indicate a change in the insider’s long-term view of the company.