Kalborg Claes 4

What Happened
Director Claes Kalborg reported a derivative disposition on April 6, 2026: 50,000 stock options with an exercise price of CAD$1.02 (approximately US$0.81) expired unexercised. The Form 4 reports this expiration as a disposition (transaction code E) with a notional value of $40,500. This was an expiration of options, not a sale of shares or an exercise — no new shares were issued and no cash proceeds were received from this event.

Key Details

• Transaction date: 2026-04-06 (Filed: 2026-04-08 — timely within the two-business-day Form 4 window)
• Transaction type/code: Expiration of short derivative position (E) — options expired unexercised
• Quantity/price/value: 50,000 options at CAD$1.02 (~US$0.81) → reported value $40,500
• Shares owned after transaction: Not specified in the provided summary (expiration removes the option right but does not change reported common shares held)
• Notable footnotes:
  • F1: The 50,000 options at CAD$1.02 expired unexercised.
  • F2–F5: Kalborg holds/was granted additional option tranches — 50,000 @ CAD$0.50 (2% monthly vesting, 2/1/2022), 50,000 @ CAD$0.30 (2% monthly vesting, 2/21/2023), 231,250 @ CAD$0.20 (2% monthly vesting, 3/26/2024), and 50,000 @ CAD$0.25 (granted 8/21/2025).
• Filing timeliness: Report appears timely (filed two days after the transaction date).

Context
This report documents an option expiration (a derivative disposition), not an open-market sale or a stock purchase. Expired options simply remove the holder’s right to buy shares at the stated strike price; they do not produce proceeds or new shares. For investors, expirations are informational but do not necessarily indicate insider sentiment about the company; note Kalborg still has multiple other option tranches outstanding per the footnotes.