Andrade Robert 4

What Happened

• Robert Andrade, Chief Financial Officer of Fennec Pharmaceuticals (FENC), recorded multiple derivative transactions at the end of March 2026. He acquired a total of 29,207 shares through conversion/settlement of performance/restricted awards (reported at $0) on March 28 and March 31, 2026. On March 31, 2026 he was also granted incentive stock options covering 120,000 shares with an exercise price of $5.77 (reported aggregate value $692,400).

Key Details

• Transaction dates and types:
  • 2026-03-28: 12,270 shares acquired via exercise/conversion of derivative (footnote: shares released from restriction from award 3/28/2025).
  • 2026-03-31: 14,724 shares acquired via exercise/conversion of derivative (footnote: settlement of PSUs that vested on 3/31/2026).
  • 2026-03-31: 2,213 shares acquired via exercise/conversion of derivative (footnote: shares released from restriction from awards 3/31/2023 and 5/16/2024).
  • 2026-03-31: Grant of incentive stock options to purchase 120,000 shares; exercise price $5.77; reported value $692,400.
• Shares acquired at $0 reflect settlement/release of previously awarded PSUs/restricted stock, not a cash purchase.
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Filing date / accession: Form filed 2026-04-02 (no indication in the excerpt that the filing was late).

Context

• The 29,207-share entries reflect vesting/settlement of earlier awards (PSUs/restricted shares) rather than an open-market purchase or sale.
• The 120,000-share entry is an option grant (incentive stock options). Vesting terms: one-third vests/first becomes exercisable on March 31, 2027, then 1/24 of total shares vests monthly thereafter, with 100% vested by March 31, 2029.
• There is no indication in the filing that any of the newly vested shares were sold immediately (i.e., these are not reported as cashless exercises or open-market sales in this filing).