Kelley Susan L. 4

What Happened
Susan L. Kelley, a director of Dare Bioscience, was granted a 10,000-share derivative award (reported as acquisition code "A") on June 11, 2026. The award is reported at $0.00 per share (no cash paid at grant). This is a grant of an option/award, not an open‑market purchase or sale.

Key Details

• Transaction date: 2026-06-11; transaction type: Grant/Award (code A) reported as derivative acquisition.
• Reported price: $0.00 per share; total listed value: $0.
• Shares acquired: 10,000 (derivative award/options).
• Shares owned after transaction: Not specified in the provided filing details.
• Vesting/other terms (footnote): The option vests in full on the earlier of the first anniversary of the grant date or immediately prior to the issuer’s first annual meeting after the grant date, subject to continued service; it becomes exercisable in full upon a change in control of the issuer.
• Filing timeliness: Reported with the same period/date (2026-06-11); no late filing indicated in the provided information.

Context
This is a compensation-related derivative grant (an option/award) rather than a cash purchase or sale. Such grants align director incentives with future company performance but do not represent immediate market buying or selling. If and when the options vest and are exercised, the economic value to the insider will depend on the market price at that time (exercise mechanics per the grant).