Guerrilla RF (GUER) 10% Owner Thomas Ellis Exercises Options

What Happened

• Thomas B. Ellis, reported as a 10% owner, exercised stock options to acquire 14,164 shares of Guerrilla RF on 2026-08-28 at $6.00 per share, paying $84,984. The filing also shows the corresponding derivative interest being disposed (reported at $0.00), which reflects conversion/cancellation of the option instrument upon exercise.

Key Details

• Transaction date: 2026-08-28; Form 4 filed 2026-09-01 (timely within the required reporting window).
• Acquisition: 14,164 shares at $6.00 each — total cash outlay $84,984. Transaction code: M (option exercise).
• Derivative disposition: 14,164 units reported disposed at $0.00 (represents conversion/cancellation of the derivative upon exercise; see F5).
• Shares owned after transaction: Not specified in the filing.
• Relevant footnotes:
  • F1: Securities have no expiration date.
  • F2: Reported securities are directly held by NR-PRL Partners, LP and may be indirectly beneficially owned by related entities.
  • F3: Reporting person disclaims beneficial ownership except for pecuniary interest.
  • F4: Option is immediately exercisable but subject to issuer’s repurchase right for shares issued prior to vesting; vesting tied to service/annual meeting.
  • F5: Transactions were pursuant to exercise of stock options.

Context

• This was an exercise of options (a purchase of shares), not a sale — Ellis paid cash to convert options into common shares rather than selling shares immediately (no cashless sale reported).
• As a reported 10% owner with holdings held through NR-PRL Partners, LP, this filing reflects ownership through an investment vehicle rather than typical executive open-market trading.