Shafer Andrew 4

What Happened
Andrew Shafer, Gevo's Chief Cust Mkt & Brnd Officer, exercised derivative awards and sold 5,550 shares on March 10, 2026. The Form 4 reports an exercise entry at $0.71 per share (total cost $3,941), a second exercise entry reported at $0.00, and an open-market sale of 5,550 shares at a weighted average price of $2.21 per share (gross proceeds $12,245). The sequence — exercise followed by sale the same day — is consistent with a cashless exercise or sell-to-cover transaction, i.e., shares were exercised and then sold.

Key Details

• Transaction date: March 10, 2026; Form 4 filed March 12, 2026 (appears timely).
• Exercises (Code M): 5,550 shares acquired at $0.71 (total $3,941) and a separate exercise entry of 5,550 shares at $0.00 (reported as derivative acquisition).
• Sale (Code S): 5,550 shares sold at a weighted average $2.21; total proceeds reported $12,245. Sales occurred at prices between $2.185 and $2.23 per share (weighted avg reported).
• Shares owned after transaction: not specified in this filing.
• Footnotes: transactions were effected under a 10b5-1 trading plan adopted Nov 19, 2025 (F1); sale price is a weighted average across multiple executions (F2); related 401(k) plan activity between Jan 25 and Mar 10, 2026 is disclosed (F3); option vested in annual installments beginning May 22, 2025 (F4).

Context
Because the exercise and sale occurred the same day, this appears to be a routine cashless exercise/sell-to-cover rather than an open-market purchase that would signal new insider bullishness. The presence of a 10b5-1 plan indicates the sales were pre-arranged under an established trading plan.