Gunn L. Burwell 4

What Happened

• Director Gunn L. Burwell exercised stock options on 2026-04-23 to acquire 21,483 common shares at an exercise price of $9.22 per share (total exercise cost ≈ $197,987).
• To cover tax/withholding obligations, 12,627 shares were withheld/disposed at $15.68 per share (value ≈ $197,991). This pattern indicates a cashless exercise where a portion of the acquired shares were used to satisfy taxes/fees, leaving a net of 8,856 shares retained (21,483 acquired − 12,627 withheld). The Form 4 was filed on 2026-04-27.

Key Details

• Transaction date: 2026-04-23. Exercise price: $9.22 (21,483 shares; ≈ $197,987). Withholding/disposition price: $15.68 (12,627 shares; ≈ $197,991).
• Net shares retained from the exercise: 8,856 (calculated).
• Shares owned after the transaction: Not reported in this filing.
• Footnotes/transaction codes: M = exercise/conversion of derivative (options); F = payment of exercise price or tax liability (shares withheld/surrendered). This appears to be a cashless exercise where shares were used to satisfy tax/withholding.
• Filing timeliness: Reported on 2026-04-27 for a 2026-04-23 transaction — filed within the required two business days.

Context

• Exercising options and withholding/surrendering shares to cover taxes is common and does not, by itself, signal whether the insider is bullish or bearish. Purchases are often more informative; here the insider net-received ~8,856 shares after withholding.