MURREN JAMES 4
4 · Enhanced Group Inc. · Filed May 11, 2026
Research Summary
AI-generated summary of this filing
Enhanced Group (ENHA) Director James Murren Receives 6.02M Shares
What Happened
- James Murren, a director of Enhanced Group Inc. (ENHA), received 6,020,814 shares of Class A common stock and 167,246 derivative shares (options-equivalent) on May 7, 2026.
- These securities were acquired in connection with the closing of a business combination (merger) that converted outstanding Enhanced Ltd. shares and options into the Issuer's Class A common stock based on the merger exchange ratio. No cash price is reported for these conversions (price = N/A).
Key Details
- Transaction date: May 7, 2026. Form filed: May 11, 2026 (filed within required 2 business days).
- Shares/units acquired: 6,020,814 Class A common shares (direct acquisition); 167,246 reported as a derivative acquisition (converted options).
- Price: N/A — shares were received via conversion under the Business Combination Agreement (not an open-market purchase).
- Shares owned after transaction: Not disclosed on this Form 4.
- Footnotes of note:
- F1–F3: Acquisition resulted from the Business Combination (merger of Enhanced into A Paradise, renamed Enhanced Group). Some securities are held by the JM 2021 Irrevocable Trust; Mr. Murren is trustee and disclaims beneficial ownership except for pecuniary interest.
- F4–F6: Outstanding options were exchanged for comparable options on the Issuer’s Class A stock and adjusted for the exchange ratio; original options granted Oct 29, 2025 vest monthly over four years from Apr 1, 2025 with a one-year cliff.
- The conversions/acquisitions are exempt from Section 16(b) short-swing profit liability under Rule 16b-3.
Context
- This filing reports conversion/award of shares and converted option interests resulting from a merger—not an open-market buy or sale—so it reflects corporate restructuring rather than a director-initiated trade.
- The derivative amount reflects option-equivalents converted in the business combination; vesting and exercise terms remain subject to the adjusted option agreements.
- Because some shares are held in an irrevocable trust and Mr. Murren disclaims beneficial ownership except to his pecuniary interest, reported holdings do not necessarily reflect direct economic ownership.
Insider Transaction Report
Form 4
MURREN JAMES
Director
Transactions
- Award
Class A common stock
[F1][F2][F3]2026-05-07+6,020,814→ 6,020,814 total(indirect: By Trust) - Award
Stock Option (Right to buy)
[F1][F4][F6][F5]2026-05-07+167,246→ 167,246 totalExercise: $1.23Exp: 2035-10-29→ Class A common stock (167,246 underlying)
Footnotes (6)
- [F1]Consists of securities acquired in connection with the transactions consummated on May 7, 2026, pursuant to that certain Business Combination Agreement, dated November 26, 2025 (the "Business Combination Agreement"), by and among A Paradise Acquisition Corp. ("A Paradise"), A Paradise Merger Sub 1 Inc. ("Merger Sub"), and Enhanced Ltd. ("Enhanced"), pursuant to which (i) Merger Sub merged with and into Enhanced, the separate corporate existence of Merger Sub ceased and Enhanced was the surviving corporation and a wholly owned subsidiary of A Paradise, (ii) Enhanced merged with and into A Paradise, the separate corporate existence of Enhanced ceased and A Paradise was the surviving corporation, and (iii) A Paradise changed its name to "Enhanced Group Inc." (the "Issuer") (the "Business Combination").
- [F2]In connection with the closing of the Business Combination, each Enhanced common share issued and outstanding immediately prior to the effective time of the merger was, pursuant to the Business Combination Agreement, canceled and converted into the right to receive a number of shares of Class A common stock, par value $0.0001, of the Issuer ("Class A common stock"), based on the exchange ratio as defined in the Business Combination Agreement (the "Exchange Ratio"). The acquisition of the Class A common stock is exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") pursuant to Rule 16b-3 under the Exchange Act. This Form 4 only reports the acquisition of securities of the Reporting Person pursuant to the Business Combination Agreement and does not reflect the purchase of securities by the Reporting Person.
- [F3]Securities are held by the JM 2021 Irrevocable Trust. The Reporting Person is a trustee of JM 2021 Irrevocable Trust and may be deemed to share voting and dispositive power over these securities. The Reporting Person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for any other purpose except Section 16.
- [F4]The acquisition of the Stock Options for Class A common stock is exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") pursuant to Rule 16b-3 under the Exchange Act. This Form 4 only reports the acquisition of securities of the Reporting Person pursuant to the Business Combination Agreement and does not reflect the purchase of securities by the Reporting Person.
- [F5]The options were originally granted on October 29, 2025, and vest monthly over a four-year period measured from April 1, 2025 (the "Vesting Start Date"), subject to a one-year cliff.
- [F6]In connection with the closing of the Business Combination, each outstanding option to purchase Enhanced common shares, whether vested or unvested, was exchanged for a comparable option to purchase that number of shares of Class A common stock of the Issuer based on the Exchange Ratio. The exercise price for each such option was also accordingly adjusted based on the Exchange Ratio.
Signature
/s/ Emily Tabak, attorney-in-fact for Mr. Murren|2026-05-11