BRIGHAM MICHAEL F 4

What Happened

• Michael F. Brigham, a director of Immucell Corp. (ICCC), exercised 25,000 stock options on March 20, 2026, resulting in 25,000 shares credited (exercise price $5.84; implied value $146,000).
• To satisfy the exercise price/tax obligations, he surrendered about 24,052 previously owned shares to the company (reported disposition at $6.07 per share; value ~$145,996). The transaction netted him roughly 948 additional shares and involved essentially no cash outlay (values nearly offset).
• Transaction codes: M = option exercise; F = payment of exercise price/tax withholding via share surrender.

Key Details

• Transaction date: 2026-03-20; Form filed: 2026-03-24 (filed 4 days after the transaction; may be outside the standard 2-business-day Form 4 window).
• Exercise: 25,000 shares @ $5.84 (acquired) — total ~$146,000.
• Shares surrendered for exercise/taxes: 24,052 shares @ $6.07 (disposed) — total ~$145,996.
• Net shares gained: ~948 shares. Net cash impact: effectively zero (values nearly equal).
• Footnotes: F1/F2 indicate a stock‑for‑stock (cashless) exercise — previously owned shares were surrendered in full payment of the exercise price/taxes.
• Shares owned after the transaction: not provided in the excerpt.

Context

• This was a stock‑for‑stock (cashless) option exercise rather than an out‑of‑pocket purchase, so it is more of a routine compensation/option exercise event than a direct bullish cash investment.
• For retail investors, purchases (cash buys) often signal stronger direct conviction; cashless exercises with share surrender are common and do not necessarily indicate new buying interest.