Steen Carl Erik 4

What Happened

• Director Steen Carl Erik exercised outstanding stock options on May 22, 2026, resulting in the acquisition of 75,000 common shares at an adjusted exercise price of $6.49 per share for a total cash cost of $486,750. The Form 4 also reports a corresponding disposition of 75,000 derivative units at $0.00, consistent with conversion/exercise of the options.

Key Details

• Transaction date: 2026-05-22 (reported on Form 4 filed 2026-05-27).
• Primary code: M (exercise/conversion of derivative).
• Acquired: 75,000 shares at $6.49 per share — total $486,750.
• Disposed: 75,000 derivative units at $0.00 (represents conversion/exercise per filing).
• Footnotes: F1 states these were exercises of outstanding stock options and acquisition of the underlying common stock. F2 notes options were fully vested and exercisable; original strike $8.00 was adjusted down to $6.49 to account for subsequent dividends/cash distributions.
• Shares owned after transaction: Not specified in the disclosed Form 4.
• Filing timeliness: Form 4 was filed five days after the transaction (filed 2026-05-27 for a 2026-05-22 transaction), which is later than the standard 2-business-day Form 4 deadline.

Context

• This was an option exercise (code M), not a sale — the insider acquired shares rather than disposing of them. The $0.00 line reflects the conversion/disposition of the derivative instrument into common stock. The adjusted strike price ($6.49 vs. original $8.00) lowered the cash cost of exercising the options; there is no indication the shares were immediately sold. As always, exercises can be routine (e.g., to convert vested options) and don’t by themselves prove a change in the insider’s view of the company.