RICH RON J 4

What Happened
Director Rich Ron J was granted 100,000 restricted stock units (RSUs) on October 1, 2025. The grant was reported as an acquisition at $0.00 (award), so no cash changed hands at grant. The filing notes 10,000 RSUs had vested as of the Form 4; vested RSUs will be settled in shares six months after their vesting date.

Key Details

• Transaction date: October 1, 2025 — Grant/award of 100,000 RSUs at $0.00 per RSU.
• Vesting schedule (per filing): 10% on October 1, 2025; 10% on October 1, 2026; 30% on October 1, 2027; and 60% on October 1, 2028. Each RSU represents a contingent right to one share.
• Vested portion: 10,000 RSUs had vested as of the Form 4; those vested RSUs will be settled in shares six months after the vesting date (i.e., settlement delayed by six months).
• Shares owned after the transaction: not disclosed in the provided filing information.
• Filing date: March 25, 2026. The Form 4 reports an October 1, 2025 grant and was filed well after the typical two-business-day reporting window (late filing).

Context
RSUs are compensation awards, not open-market purchases or sales; they represent a future right to receive shares if vesting conditions are met. Because the grant was an award at $0.00, it doesn’t reflect an immediate cash investment or sale by the insider. Note the late filing — while late reports do occur for restricted stock/RSU grants, delayed disclosure can affect transparency for investors tracking insider activity.