Fenster Edward Harris 4

What Happened
Director Edward H. Fenster exercised 250,600 stock options (exercise price $5.08) on Feb 11, 2026, paying $1,273,048. He then sold a total of 163,844 shares in open-market transactions for aggregate proceeds of about $3,269,222 (two weighted-average sale groups). He also gifted 25,000 shares the same day. The filing shows the option conversion/derivative was recorded and the option was fully vested with a Feb 11, 2026 expiration.

Key Details

• Date of transactions: February 11, 2026.
• Option exercise: 250,600 shares exercised at $5.08 per share = $1,273,048 cash paid.
• Open-market sales: 134,813 shares at a weighted avg $19.79 (range $19.30–$20.29) = $2,667,801; 29,031 shares at a weighted avg $20.72 (range $20.30–$21.12) = $601,421. Total sale proceeds ≈ $3,269,222.
• Gift: 25,000 shares were transferred as a gift (no proceeds).
• Shares/sources: Footnote states some shares sold were to cover the exercise price and tax withholding (i.e., sale to cover costs).
• Plan/authorization: Transactions were effected under a Rule 10b5-1 trading plan adopted Sept 3, 2025.
• Holdings note: Shares held following the reported transactions include 3,184 restricted stock units subject to forfeiture.
• Option details: The option was fully vested and had a 10‑year term, expiring Feb 11, 2026.

Context

• This was an option exercise followed by immediate open‑market sales — the filer’s disclosures (footnote) indicate the sales were executed to cover the exercise price and tax obligations, which is common after option exercises and is different from discretionary selling for portfolio reasons.
• The 25,000-share gift is not a market-driven sale and does not necessarily indicate buy/sell sentiment.
• The trades were made under a pre-established 10b5‑1 plan, which typically schedules trades in advance and helps separate timing from inside information.

All figures are from the Form 4 filing (Accession: 0001628280-26-007798) covering transactions reported for Feb 11, 2026.