Andrade Robert 4

What Happened

Robert Andrade, Chief Financial Officer of Fennec Pharmaceuticals (FENC), reported transactions on Feb 18, 2026. He exercised stock options to acquire 2,450 shares at a $4.08 strike (cash paid $9,996) and also had 27,285 performance stock units (PSUs) vest and convert to shares (no cash cost). The filing also shows a disposal of 2,450 derivative shares at $4.08 (reported value $9,996). Net result in this filing: 29,735 shares were recorded as acquired and 2,450 shares were recorded as disposed, leaving a net increase of 27,285 shares from the PSU settlement.

Key Details

• Transaction date: 2026-02-18 (Form 4 filed 2026-02-19 — appears timely).
• Option exercise: 2,450 shares at $4.08 each; cash paid $9,996 (Footnote F1: option strike $4.08, expiration Dec 20, 2031).
• PSU settlement: 27,285 shares acquired at $0 (Footnote F2: settlement of PSUs that vested on Feb 18, 2026).
• Disposal: 2,450 derivative shares reported disposed, value $9,996 (same quantity and value as option exercise).
• Shares owned after transaction: not disclosed in the provided excerpt of the filing.
• Transaction codes: M = option exercise/conversion; F1 and F2 explain option terms and PSU vesting. No 10b5-1 or tax-withholding notes shown in the excerpt.

Context

Code M denotes exercise or conversion of derivatives. Here, Andrade exercised options (a purchase event) and received vested PSUs (an award conversion). The matching exercised-and-disposed quantities suggest some exercised shares were sold or otherwise disposed, but the filing excerpt does not state the reason (e.g., tax withholding, cover exercise cost, or open-market sale). Purchases/exercises and award settlements are often viewed as more informative than routine sales, but this filing is factual and does not state Andrade’s motives.