Rathburn Michael W 4

What Happened
Michael W. Rathburn — listed as a director and an officer of the managing member (Vice President, Secretary‑Treasurer, and Principal Financial & Accounting Officer of the Managing Member) — acquired a total of 30,000 shares on June 30, 2026. The filing shows: 10,000 shares exercised/converted at $1.35 per share (cash paid $13,500), plus two additional 10,000‑share derivative acquisitions recorded at $0.00 (one noted as a grant/award and one as an exercise/conversion). These transactions are acquisitions (not sales).

Key Details

• Transaction date: 2026-06-30 (filed 2026-07-02). Filing appears timely for a Form 4 covering a 6/30 transaction.
• Reported transactions:
  • 10,000 shares exercised/converted @ $1.35 = $13,500 (Acquired)
  • 10,000 shares granted/awarded @ $0.00 (Acquired; derivative)
  • 10,000 shares exercised/converted @ $0.00 (Acquired; derivative)
• Total shares acquired reported on this filing: 30,000; total cash paid shown: $13,500.
• Shares owned following the transactions: not specified in the provided filing excerpt.
• Footnotes: F1–F3 indicate some reported interests represent Mr. Rathburn’s proportionate interests in securities held by affiliated entities (Everflow Management Limited, LLC; Wahoo Energy LLC; Spot Energy LLC).
• No indication in the filing that shares were immediately sold (no sale reported).

Context
These entries involve option/derivative exercises and a grant/award conversion. The $0.00 entries likely reflect awards, conversions, or exercises with no additional cash strike reported in this filing; the $1.35 entry reflects a cash exercise where Mr. Rathburn paid $13,500. Because no sales were reported, the transactions increase his reported holdings (exact post‑transaction holdings not shown). For retail investors, acquisitions by insiders can be informative, but filings do not state motivation.