FILIPPS FRANK P 4

What Happened
Frank P. Filipps, a director of Orchid Island Capital, received an award of 3,561 deferred stock units on April 1, 2026. The units were reported as acquired at $0.00 per unit (code A — grant/award). These are derivative awards (deferred stock units), not an immediate cash purchase of shares.

Key Details

• Transaction date: 2026-04-01; transaction type: Grant/Award (code A).
• Price: $0.00 per unit; total cash paid at grant: $0.
• Instrument: 3,561 deferred stock units (each represents a right to one share). (Footnote F1)
• Vesting/payability: Units are 100% vested but do not become payable until the earlier of a change of control or the reporting person's death, disability, or separation from service as a director. (Footnote F2)
• Shares owned after transaction: Not specified in the filing.
• Filing timeliness: Reported with the Form 4 dated 2026-04-01 (no late filing indicated).

Context
Deferred stock units are a form of compensation that give the holder the right to receive shares later; they are common for director pay and are not the same as an open-market purchase or immediate share issuance. Because these units are payable only upon certain events, they do not represent immediate stock acquisition or sale and their ultimate cash/share value will depend on Orchid Island’s stock price and the triggering event.