Danahy Kevin Patrick 4

What Happened

• Kevin Danahy, Chief Commercial Officer of Pulse Biosciences (PLSE), exercised stock options and immediately sold the resulting shares on Feb 9–11, 2026. He exercised 20,000 options each day (60,000 total) at an exercise price of $1.53 per share (total exercise cost $91,800) and sold 20,000 shares each day in the open market for total gross proceeds of $1,403,400 (Feb 9: $429,000; Feb 10: $470,400; Feb 11: $504,000). The net proceeds before taxes and fees are approximately $1.31M (gross proceeds minus exercise cost).
• The Form 4 shows corresponding derivative dispositions at $0, which reflect the options being surrendered/cancelled upon exercise. These sales were executed under a prearranged Rule 10b5‑1 plan.

Key Details

• Transaction dates & sale prices (weighted averages / ranges):
  • Feb 9, 2026: exercised 20,000 @ $1.53; sold 20,000 @ weighted $21.45 (actual range $21.00–$23.22).
  • Feb 10, 2026: exercised 20,000 @ $1.53; sold 20,000 @ weighted $23.52 (actual range $23.00–$26.08).
  • Feb 11, 2026: exercised 20,000 @ $1.53; sold 20,000 @ weighted $25.20 (actual range $23.36–$26.36).
• Shares acquired by exercise: 60,000 (total exercise cost $91,800). Shares sold: 60,000 (gross proceeds $1,403,400).
• Shares owned after the reported transactions: not stated in the filing.
• Footnotes: trades were effected pursuant to a Rule 10b5‑1 trading plan adopted May 14, 2025 (F1). Weighted‑average sale prices reported with ranges (F2–F4). Options grant details referenced (up to 450,000 options granted Sept 23, 2022 with standard vesting; F5).
• Filing timeliness: Report filed Feb 11, 2026 for transactions beginning Feb 9, 2026 — appears timely (Form 4s must generally be filed within two business days).

Context

• This was a same‑day exercise-and-sell (effectively a cashless outcome): options were exercised and the shares were sold in the open market soon after. Such transactions often reflect planned liquidity from option vesting or prearranged trading plans rather than an immediate unsolicited view on the company.
• The presence of a 10b5‑1 plan indicates these sales were pre‑scheduled under an established trading plan.