Chairman David 4

What Happened

• David, SVP of R&D at Valens Semiconductor, exercised 2,384 stock options and immediately sold the 2,384 underlying shares on April 16, 2026. The exercise cost was $0.86 per share (total $2,050). The shares were sold at a weighted average price of $1.50 per share for gross proceeds of $3,588, yielding approximate net proceeds of $1,538 before fees and taxes.
• The filing reports the option exercise (transaction code M) and the open-market sale (transaction code S). The activity was executed pursuant to a pre-established 10b5-1 trading plan.

Key Details

• Transaction date: April 16, 2026.
• Option exercise: 2,384 shares at $0.86 each = $2,050 (F2, F5).
• Open-market sale: 2,384 shares at $1.50 (weighted avg.) = $3,588 (F3, F4).
• Net proceeds (approx.): $3,588 − $2,050 = $1,538 before taxes/fees.
• Plan/notes: Sales were pursuant to a Rule 10b5-1 trading plan adopted Aug 16, 2024 (F1). The filing notes the options were exercised and the underlying shares were sold the same date (F5).
• Shares owned after transaction: not specified in this Form 4.
• Filing timeliness: Filed Apr 20, 2026 for an Apr 16 trade; this is a timely Form 4 filing.

Context

• This was an option exercise followed by an immediate sale of the resulting shares (i.e., the options were exercised and the shares were sold the same day). Such same-day exercises and sales are commonly executed to cover exercise costs and tax liabilities rather than as a directional bet on the stock.
• The presence of a 10b5-1 plan indicates the sale was prearranged; that can make the sale more routine and less indicative of new insider sentiment.