Norris Patrick L. 4

What Happened Patrick L. Norris, a 10% owner of Norris Industries (NRIS), recorded a disposition to the issuer on 2026-02-26 in which 1,000,000 shares were surrendered to the company at $0.08 per share, for a total value of $80,000. The transaction is reported as a derivative disposition (code D) rather than an open-market sale.

Key Details

• Transaction date and price: 2026-02-26, 1,000,000 shares at $0.08 each (total $80,000).
• Transaction type: Disposition to issuer (derivative) — code D.
• Shares owned after transaction: Not specified in the Form 4 filing.
• Footnote: These preferred shares were originally issued upon conversion of $750,000 of outstanding debt in February 2019 and were surrendered to the company on 2026-02-26 as a contribution to capital under a Section 16 exemption, with board approval.
• Filing timing: Form 4 was filed on 2026-05-15, which is well after the Feb 26 transaction date (appears to be a late filing).

Context This was not an open-market sale but a surrender of preferred-derived shares back to the company as a capital contribution. Such issuer dispositions can reflect corporate bookkeeping or recapitalization actions and are not necessarily a market sentiment signal. As a 10% owner, Norris is a significant shareholder; his transaction is reported under insider rules but may be driven by corporate or capital-structure reasons rather than routine trading.