OLEARY PATRICK J 4

What Happened
Patrick J. O'Leary, a director of Avanos Medical, was granted 12,003 restricted share units (RSUs) on May 8, 2026. The Form 4 reports the acquisition as a derivative award at a grant price of $0.00 (total $0 reported), because these RSUs represent contingent rights to a future cash payment equal to the value of one share each rather than immediate stock issuance.

Key Details

• Transaction date: May 8, 2026; Form 4 filed May 12, 2026.
• Security/amount: 12,003 restricted share units (reported as derivative, transaction code A).
• Reported price/value at grant: $0.00 (derivative awards often reported this way; payout depends on future stock value).
• Shares owned after transaction: not specified in this filing.
• Footnotes: (1) These RSUs replace RSUs previously issued on Jan 2, 2025. (2) The RSUs vest on the date the reporting person terminates service on the Issuer's Board of Directors (i.e., they are payable upon termination of board service).

Context
This is an award grant (not an open-market purchase or sale). The RSUs are cash-settled contingent awards — they do not represent immediately issued common stock and will pay out in cash equal to the value of Avanos shares when/if they vest (upon the director’s termination of board service). Such grants are typically part of director compensation; they should be viewed as compensation-related rather than a direct insider purchase or sale signal.