WATSON DAVID N 4

What Happened
Director David N. Watson exercised stock options on Feb 25, 2026, resulting in the exercise of 20,000 options at an exercise price of $5.66 per share (total exercise cost/value of $113,200). The exercise was executed as a net (cashless) transaction with the issuer; approximately 2,223 shares were withheld to satisfy tax withholding obligations. This was an option exercise (routine insider liquidity), not an open‑market buy or sale.

Key Details

• Transaction date: February 25, 2026. Filing date: February 26, 2026 (timely).
• Options exercised: 20,000 shares at $5.66 per share → $113,200 (exercise consideration).
• Shares withheld for taxes: 2,223 shares reported as disposed under tax withholding (no cash paid).
• Filing notes: F1 — net exercise (exempt under Section 16b-3); no shares bought/sold in the open market. F2 — option was granted May 4, 2016 and vested May 2, 2017.
• Shares owned after the transaction: not specified in the provided filing.

Context
A net (cashless) exercise means the company facilitated conversion of options into shares and withheld some shares to cover taxes rather than the insider selling shares on the open market. Such exercises are common for vested option holders and are administrative/routine transactions rather than direct market purchases or sales that signal sentiment.