Cauley Robert E 4

What Happened

• Robert E. Cauley, CEO of Orchid Island Capital (ORC), had performance-based derivative awards convert into 3,694 common shares on June 26, 2026. The Form 4 shows an acquisition of 3,694 shares at $0.00 (vested awards) and a corresponding conversion/disposition of 3,694.18 derivative units at $0.00.
• The shares result from vested Performance Units (2,418 shares from awards dated April 13, 2023 and 1,276 shares from awards dated March 19, 2024). Cash was paid in lieu of issuing fractional shares based on the June 25, 2026 closing price. No cash purchase or open‑market sale of shares is reported.

Key Details

• Transaction date: 2026-06-26; Form 4 filed: 2026-06-29 (filed timely).
• Reported prices: $0.00 per share (reflects vesting/conversion of awards, not a cash purchase).
• Shares acquired: 3,694 common shares; derivative units converted/disposed: 3,694.18.
• Footnote: 3,694 shares = 2,418 (awarded 4/13/2023) + 1,276 (awarded 3/19/2024); fractional share settled in cash.
• Shares owned after the transaction are not specified in the excerpt provided.

Context

• This was a conversion/vesting of performance units (transaction code M), not a market purchase or sale—typical executive compensation vesting rather than a signal of buying/selling activity.
• The filing shows both an "acquired" line (shares received) and a "disposed" line for the underlying derivative, which is standard when performance units convert to common stock and the derivative interest is extinguished.