Luebbert Hermann 4
4 · Biofrontera Inc. · Filed Mar 6, 2026
Research Summary
AI-generated summary of this filing
Biofrontera (BFRI) CEO Luebbert Converts RSUs, Receives 250,000 Awards
What Happened
- Luebbert Hermann, CEO & Chairman of Biofrontera (BFRI), had vested restricted stock units convert into 137,500 shares on March 5, 2026 (derivative exercise/conversion) and those 137,500 shares are shown as disposed on the same date at $0.00.
- Separately, on March 4, 2026 he was awarded two restricted stock unit grants of 125,000 shares each (250,000 RSUs total) for no consideration (reported price $0.00). These awards are derivative awards (not immediate common‑stock purchases) and the filing reports no cash value for the grants or the listed dispositions.
Key Details
- Transaction dates and reported prices:
- 2026-03-04: Award of 125,000 RSUs @ $0.00 (x2 = 250,000 RSUs total).
- 2026-03-05: Conversion/exercise of 137,500 RSUs into common stock (reported as acquired) and 137,500 shares disposed on 03-05 at $0.00 (derivative transaction code M).
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Notable footnotes from the filing:
- RSUs convert 1-for-1 into common stock (F1).
- The new RSUs were granted for no consideration and vest in two equal annual installments beginning March 4, 2027; each vested RSU may be settled in shares, cash, or a combination within 60 days (F2, F3).
- The 137,500 settled on March 5, 2026 appears to be a tranche from a July 12, 2024 grant (275,000 RSUs originally; two tranches) that was settled on March 5, 2026 per footnote (F5).
- Timeliness: Form 4 filed 2026-03-06 for transactions reported as of 2026-03-04 — filing appears timely (no late filing indicated).
Context
- The March 4 awards are RSUs (awards), not open‑market purchases — these are compensation grants subject to future vesting and settlement rules, and do not by themselves indicate immediate insider buying.
- The March 5 conversion and simultaneous reported disposition of 137,500 shares were reported at $0.00; the filing’s footnotes state the company may settle vested RSUs in shares, cash, or a combination within 60 days, and note the tranche was settled on March 5, 2026. That suggests the conversion/settlement was processed per the award terms rather than a typical open‑market sale.
Insider Transaction Report
Form 4
Biofrontera Inc.BFRI
Luebbert Hermann
DirectorCEO & Chairman
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-05+137,500→ 290,211 total - Award
Restricted Stock Units
[F2][F3][F6]2026-03-04+125,000→ 125,000 total→ Common Stock (125,000 underlying) - Award
Employee stock option (right to buy)
[F4][F7]2026-03-04+125,000→ 125,000 totalExercise: $0.90Exp: 2036-03-04→ Common Stock (125,000 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F5][F6]2026-03-05−137,500→ 0 total→ Common Stock (137,500 underlying)
Footnotes (7)
- [F1]Restricted stock units convert into common stock on a one-for-one basis.
- [F2]Each restricted stock unit represents a contingent right to receive one share of BFRI common stock, subject to the company's discretion to settle the restricted stock units, in whole or in part, in cash, as discussed below in footnote 3. The reporting person received the restricted stock units as an award for no consideration.
- [F3]The restricted stock units vest in two equal yearly installments for the first two years following the grant date, beginning on March 4, 2027. Each vested restricted stock unit will be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date.
- [F4]The option vests in two equal installments, the first of which will take place on September 4, 2026 and the second of which will take place on March 4, 2027.
- [F5]On July 12, 2024 the reporting person was granted 275,000 restricted stock units, vesting in two equal semi-annual installments with the first tranche vesting on January 12, 2025 and the second tranche on July 12, 2025, with each to be settled, at the Company's discretion, in shares, cash or a combination of shares and cash within 60 days of the vesting date. A Form 4 filed by the reporting person on September 16, 2025 incorrectly identified the vesting schedule for these restricted stock units as being "two equal annual installments beginning on July 12, 2025." Relatedly, due to an administrative error, the first tranche was settled on September 10, 2025 and the second tranche was settled on March 5, 2026.
- [F6]Restricted stock units with different terms are not included.
- [F7]Options with different terms are not included.
Signature
/s/ Daniel Hakansson, Attorney-in-fact for Hermann Luebbert|2026-03-06