SurgePays (SURG) Director David May Receives Restricted Share Award

What Happened

• Director David May received an award of 315,179 restricted common shares of SurgePays, Inc. on July 31, 2026. The shares were granted at $0.00 per share (Transaction code A — Award/Grant) and are restricted/unvested under a Restricted Share Award Agreement and the company's 2022 Omnibus Securities and Incentive Plan.

Key Details

• Transaction date and price: July 31, 2026, 315,179 shares @ $0.00 per share.
• Shares owned after transaction (reported): 486,805 beneficially owned (156,626 previously held + 15,000 issuable from prior awards + 315,179 newly awarded). Footnote states this total does not include 41,750 shares held by XIV LLC that are deemed to be owned by Mr. May.
• Vesting/conditions: The restricted shares do not vest until the earlier of (i) Mr. May ceasing to serve as a director except for termination for Cause, (ii) a Change of Control as defined in the 2022 Plan, or (iii) June 24, 2029.
• Filing timeliness: The Form 4 was filed on Sep 8, 2026 for a Jul 31, 2026 grant, i.e., filed late. Late filings do not change ownership but reduce near-term transparency for investors.
• Transaction code: A = Award/Grant (restricted shares).

Context

• This was a restricted share award (compensation), not an open-market purchase or sale. Such awards are common for director compensation and are typically subject to vesting conditions; they do not by themselves indicate a near-term trade or liquidity event.
• Because the shares are unvested and subject to forfeiture or accelerated vesting only under specific conditions, they should be treated differently from freely tradable shares when assessing insider conviction.