CODE KENNETH REAY 4

What Happened

• Kenneth Reay, Chief Science Officer and a director of BioLargo, was granted/received 69,444 shares on 2026-03-31 at an acquisition price of $0.16 per share, for a total value of $11,250. The issuance was recorded as an award/acquisition (Form 4 code A) and appears to reflect shares issued in exchange for reduction of amounts the company owed him for salary and unreimbursed business expenses.

Key Details

• Transaction date and price: 2026-03-31 at $0.16 per share (total value $11,250).
• Transaction type: Award/acquisition (code A); shares issued in exchange for reduction of amounts owed to the reporting person (Footnote F2).
• Transfer restrictions: Shares are subject to a Lock‑Up Agreement restricting sale until the issuer reports ≥ $40M consolidated revenue for any reported period, or market cap exceeds $300M, or a change in control occurs (Footnote F1).
• Reported holdings: The filing’s aggregate total includes 22,139,012 shares owned indirectly by the reporting person through a wholly owned corporation (Footnote F3).
• Filing timeliness: Form 4 filed 2026-04-02 for a 2026-03-31 transaction — filed within the typical 2-business-day SEC window.

Context

• This was an award/settlement (not an open-market purchase), so it reflects compensation/settlement activity rather than a direct cash purchase that might signal a personal bullish market bet.
• The lock-up restriction means these shares are not freely tradable until specified corporate milestones or a change in control occur. The reported dollar value is small relative to the large indirect holdings disclosed.