Evans Terry L 4

What Happened

• Terry L. Evans, Chief Commercial Officer of Fennec Pharmaceuticals (FENC), had multiple derivative transactions reported. He acquired 20,679 shares through the exercise/conversion of vested awards at $0 per share (settlement/release of previously granted units/shares) and was granted incentive stock options to purchase 120,000 shares with a $5.77 exercise price (aggregate exercise price reported as $692,400). No open‑market sales were reported.

Key Details

• Transaction dates and types:
  • 2026-03-28: Exercise/conversion (code M) — 2,052 shares acquired @ $0.00 (footnote F1/F2 indicate vesting/restriction release).
  • 2026-03-31: Exercise/conversion (M) — 18,456 shares acquired @ $0.00 (PSUs that vested) and 171 shares acquired @ $0.00 (released restricted shares).
  • 2026-03-31: Grant/award (A) — 120,000 incentive stock options granted @ $5.77 exercise price (aggregate $692,400).
• Shares owned after the transactions: Not reported in the Form 4.
• Footnotes of note:
  • F1: Settlement of PSUs that vested on March 31, 2026.
  • F2: Shares released from restriction from an award made 3/28/2025.
  • F3: ISO grant pursuant to the 2020 Equity Incentive Plan.
  • F4: Vesting for the 120,000‑option grant begins 3/31/2027 (1/3 at that date), then monthly vesting (full vesting by 3/31/2029).
• Filing timeliness: Form 4 filed 2026-04-02; filing shows the transactions and does not indicate a late filing.

Context

• The shares acquired at $0 reflect settlement/vesting of previously awarded performance or restricted shares (not a cash purchase). The 120,000‑share instrument is an incentive stock option grant (not immediate share ownership); exercising will require payment of $5.77 per share and is subject to multi-year vesting (first exercisable 3/31/2027). For retail investors: these are compensation-related transactions and do not reflect an open‑market purchase or sale.