Lipton Jeffrey Herschel 4

What Happened

• Director Jeffrey Herschel Lipton was granted equity awards on May 6, 2026: 37,500 restricted stock units (RSUs) reported as acquisitions and 12,500 RSUs reported as derivative awards — a total of 50,000 RSUs. Each line was reported at $0.00 per share (no cash purchase).
• RSUs are awards (not open‑market purchases or sales) that represent a contingent right to receive shares if vesting conditions are met; this is an equity compensation award rather than a sale or buy.

Key Details

• Transaction date: May 6, 2026; Form 4 filed July 2, 2026 (late filing relative to the 2‑business‑day requirement).
• Reported price: $0.00 per share; total reported cash value = $0.
• Vesting: Per footnotes, one‑half of the RSUs vested upon grant and the remaining one‑half vests on the first anniversary of the grant date, subject to continued service and plan terms (Footnotes F1 & F2).
• The filing also includes a footnote (F3) describing a standard option vesting schedule, though no option exercise was reported in these transactions.
• Shares owned after the transaction were not specified in the provided summary.

Context

• RSU awards are common compensation for executives and directors; they do not necessarily indicate an immediate financial commitment (no cash outlay) or a market trade. The partial immediate vesting means some shares may convert to actual stock soon after grant, while the remainder is contingent on continued service.
• The Form 4 was filed late (filed July 2 for a May 6 transaction). Late reporting is a compliance/timeliness issue but does not change the nature of the award.