Isaksen Bjorn Andreas Freng 4

What Happened

Director Bjorn Andreas Freng Isaksen executed derivative transactions on June 17, 2026. He exercised/converted and disposed of a 200,000-share derivative position valued at $6.65/share (reported disposition value $1,330,000) and simultaneously acquired a 200,000-share derivative/forward position at $15.22/share (reported acquisition value $3,044,000). Per the filing footnote, the 200,000-share forward was cash-settled so Isaksen received the difference between $15.22 and $6.65 — about $8.57/share, or roughly $1,714,000 net cash.

Key Details

• Transaction date: June 17, 2026; Form 4 filed June 18, 2026 (timely).
• Disposition reported: 200,000 shares @ $6.65 = $1,330,000 (derivative exercise/conversion).
• Acquisition reported: 200,000 shares @ $15.22 = $3,044,000 (derivative/forward).
• Net cash settlement per footnote F2: (15.22 − 6.65) × 200,000 = $1,714,000 paid/received as cash settlement.
• Footnote F1: prior forward purchase with Drew Holdings Ltd. settled Jun 15, 2026 at $7.13 (adjusted by 5% interest less dividends).
• Footnote F3: new forward purchase agreement with Drew Holdings Ltd. to settle June 17, 2029 at $15.22/share (to be adjusted by 6% interest less dividends between June 17, 2026 and settlement).
• Shares owned after the transaction: not disclosed in the provided filing extract.

Context

These were derivative/forward transactions, not open-market trades of common stock. The filing indicates a cash settlement of an earlier position and the simultaneous establishment/acquisition of a forward purchase obligation to buy 200,000 shares in 2029 at $15.22/share (subject to interest/dividend adjustments). Such cash-settled derivative activity is typically a monetization of a prior position and the rollover into a longer-dated forward rather than a straightforward buy or sell of common stock.