Isaksen Bjorn Andreas Freng 4

What Happened

• Director Bjorn Andreas Freng Isaksen exercised 150,000 share options on Apr 8, 2026 at an exercise price of $6.70 per share (cost $1,005,000) and a related derivative disposition was reported on Apr 9, 2026 at $0.00. On Apr 9, 2026 he disposed of 300,000 shares for $13.40 per share, receiving $4,020,000. The 300,000-share sale was made to Drew Holdings Ltd (see footnote).

Key Details

• Transaction dates/prices:
  • Apr 8, 2026 — Exercised 150,000 options at $6.70/share (total $1,005,000).
  • Apr 9, 2026 — Sold 300,000 shares at $13.40/share (total $4,020,000).
  • Apr 9, 2026 — Disposition of 150,000 derivative units reported at $0.00 (related to exercise/conversion).
• Shares owned after transaction: Not specified in the filing.
• Footnotes of note:
  • F1: 300,000 shares sold to Drew Holdings Ltd.
  • F2: The per‑share sale price reflects NOK 127.96 converted to USD using an FX rate of 1 USD = 9.52 NOK.
  • F3: The exercise price ($6.70) was reduced from $8.00 due to dividends/cash distributions declared after grant.
• Filing timeliness: Report filed Apr 10, 2026 for Apr 8–9 transactions; the filing does not indicate a late‑filing flag.

Context

• This was an option exercise (code M) followed by a share disposition (code S). The sequence—exercise on Apr 8 and a sale on Apr 9—means the insider exercised options and shares were subsequently disposed; the derivative line at $0.00 likely reflects conversion/cancellation related to the exercise. These transactions are factual insider activity and do not alone indicate the director’s motives.