ELLIS THOMAS B 4

What Happened Thomas B. Ellis (reported as a 10% owner) exercised stock options to acquire 15,625 shares of Guerrilla RF (GUER) on 2026-06-18 at an exercise price of $3.05 per share, for a total cash outlay of $47,656. The Form 4 also reports a simultaneous disposition entry of 15,625 derivative units at $0.00; footnote F4 confirms these entries arose pursuant to the exercise of stock options.

Key Details

• Transaction date: 2026-06-18; Form 4 filed 2026-06-23 (reporting period 2026-06-18).
• Acquired: 15,625 common shares at $3.05 each — total $47,656.
• Disposed (derivative): 15,625 units at $0.00 (reported alongside the exercise).
• Shares owned after transaction: not specified in the filing.
• Notable footnotes:
  • F1: Securities reported have no expiration date.
  • F2: Securities are directly held by NR-PRL Partners, LP and may be indirectly beneficially owned by NR-PRL Partners GP, LLC (the general partner).
  • F3: Reporting person disclaims beneficial ownership except to the extent of pecuniary interest.
  • F4: Transactions were pursuant to the exercise of stock options.

Context This filing documents an option exercise (transaction code M). The paired $0.00 derivative disposition reported with the acquisition is tied to that exercise per the footnote; such paired entries commonly reflect conversion or surrender of option interests in connection with an exercise rather than an open-market sale. As a 10% owner, Ellis’s holdings are reported through an investment vehicle (NR-PRL Partners), so this is institutional/owner-level activity rather than a typical executive payroll grant or routine insider sale.