Ravin Seth A. 4

What Happened

• Seth A. Ravin (reported as a 10% owner) had equity units vest/convert and recorded multiple transactions on March 4, 2026. The filing shows Ravin acquired 125,286 shares via exercise/conversion of derivative awards (68,964 + 56,322), sold 52,085 shares in the open market (28,525 and 23,560) at $3.64 per share for total proceeds of $189,735, and gifted 115,000 shares. The sales were automatic “sell-to-cover” transactions to satisfy tax withholding (the reporting person did not initiate the sales).

Key Details

• Transaction date: March 4, 2026; Form 4 filed March 6, 2026 (timely).
• Open-market sales: 28,525 shares @ $3.64 = $103,911; 23,560 shares @ $3.64 = $85,824; total proceeds $189,735.
• Acquisitions via conversion/vesting: 68,964 and 56,322 shares (total 125,286) reported as exercise/conversion of derivative awards at $0 per share.
• Gift: 115,000 shares reported as disposed (no proceeds).
• Net effect from these entries: acquired 125,286 shares and disposed 167,085 shares (52,085 sold + 115,000 gifted) → net decrease of 41,799 shares.
• Footnotes of interest:
  • Sell-to-cover tax withholding was automatic (Reporting Person did not initiate) — see F1 and F3.
  • The numbers reflect vesting/conversion of RSUs and Earned Performance Units (one-third vesting amounts reported; see F2, F4–F7 for vesting schedules and definitions).
• Shares owned after the transactions: not specified in the filing.

Context

• The filing reflects vesting/conversion of restricted stock units and performance units and automatic sell-to-cover tax withholding — common administrative transactions that do not necessarily indicate a change in insider sentiment. Gifts likewise do not directly signal market views.
• As a 10% owner, Ravin’s trades are material to report but are not the same as executive open-market purchases, which are often watched more closely for bullish signals.