CODE KENNETH REAY 4

What Happened

• Kenneth Reay, Chief Science Officer and Director of BioLargo, received an award/acquisition of 532,567 shares at an acquisition price of $0.11 per share (reported value $60,446) on July 7, 2026.
• The issuance was not an open‑market purchase or sale — the shares were issued in exchange for a reduction of amounts the company owed him for salary and unreimbursed business expenses (see footnote).

Key Details

• Transaction date: July 7, 2026; form filed same day (timely).
• Shares issued: 532,567 at $0.11 per share; aggregate value reported $60,446.
• Footnote highlights:
  • F1: Shares are subject to a Lock‑Up Agreement restricting sale until issuer reports ≥$40M gross revenue for any reported period, issuer market cap exceeds $300M, or a change in control occurs.
  • F2: Shares were issued in exchange for reduction of amounts owed to the reporting person for salary and unreimbursed expenses.
  • F3: Aggregate reported holdings include 22,139,012 shares owned indirectly by the reporting person through a wholly owned corporation.
• Shares owned after the transaction are not specified in the provided data; the filing notes a large indirect holding (see F3).

Context

• This is an award/acquisition tied to settlement of compensation/expenses rather than a cash purchase or sale. Such issuances often reflect compensation structuring and may be subject to transfer restrictions (here, a lock‑up). The transaction does not, by itself, indicate a buy or sell signal by the insider beyond accepting equity in lieu of cash.