Chairman David 4

What Happened

• David (SVP, R&D) exercised stock options and immediately sold the resulting 3,600 shares on April 23, 2026. He paid $0.86 per share to exercise (total cost $3,096) and the shares were sold in an open-market/private sale at a weighted average price of $1.67 per share for total gross proceeds of $5,995.

Key Details

• Transaction date: April 23, 2026; Form 4 filed April 27, 2026 (filed within the two-business-day Form 4 window).
• Option exercise: 3,600 shares exercised at $0.86/share (total $3,096) — footnotes indicate options were exercised for these shares.
• Sale: 3,600 shares sold at a weighted average price of $1.67/share for $5,995; sale executed pursuant to a Rule 10b5-1 trading plan adopted Aug 16, 2024 (footnote F1, F4).
• Additional form lines: the filing shows a derivative disposition entry at $0.00 reflecting the option conversion/sale mechanics (footnotes F2–F5 explain exercise and same-day sale).
• Shares owned after the transaction: not stated on the provided summary of the Form 4.

Context

• This was a classic exercise-and-sell (cashless) transaction: options were exercised and the resulting shares were sold the same day, per the filing footnotes. Sales under an established 10b5-1 plan are typically pre-arranged and often reflect routine liquidity rather than a timely view on the company. The dollar amounts here are modest (net proceeds roughly $2,900 before fees/taxes).