Norman-Elvenich Alexander 4
4 · Matternet, Inc. · Filed May 27, 2026
Research Summary
AI-generated summary of this filing
Matternet COO Norman-Elvenich Receives 832,047 Option Awards
What Happened
Norman‑Elvenich Alexander, Chief Operating Officer of Matternet, had a total of 832,047 derivative shares (option awards) acquired/assumed on May 22, 2026 in connection with the issuer's merger with Legacy Matternet. The transaction entries show acquisition at $0.00 because these are options that were converted/assumed by the new issuer rather than an open‑market purchase. The conversion used a 2.0801 ratio so Legacy Matternet options were converted into options to purchase common stock of the issuer, with the exercise price adjusted by that conversion ratio (exercise price per share = original exercise price ÷ 2.0801).
Key Details
- Transaction date: May 22, 2026. Filing date (Form 4): May 27, 2026 (five calendar days after the transaction; appears to be one business day past the typical two‑business‑day Form 4 deadline).
- Securities: Seven awards totaling 832,047 shares reported as derivative acquisitions (transaction code A). Reported acquisition price: $0.00 (reflects conversion/assumption of existing options).
- Vesting: Footnotes indicate mixed vesting schedules — some awards vest 25% after the first anniversary then monthly over the next 36 months; others vest in 48 equal monthly installments.
- Shares owned after transaction: Not specified in the provided filing.
- Notable: These awards were received in exchange for Legacy Matternet options pursuant to the merger agreement; the filing does not show any exercise, sale, or cashless transaction at the time of conversion.
Context
These entries reflect option awards being assumed/converted as part of a merger, not a purchase or sale of stock. No cash was paid at conversion and no immediate sale or exercise is reported here. For retail investors, conversion/assumption of preexisting options is common in M&A and does not by itself signal buying or selling intent by the insider.
Insider Transaction Report
- Award
Employee Stock Option (right to buy)
[F1][F2]2026-05-22+10,401→ 10,401 totalExp: 2028-12-23→ Common Stock (10,401 underlying) - Award
Employee Stock Option (right to buy)
[F1][F2]2026-05-22+31,202→ 31,202 totalExp: 2030-10-13→ Common Stock (31,202 underlying) - Award
Employee Stock Option (right to buy)
[F1][F2]2026-05-22+83,205→ 83,205 totalExp: 2031-10-26→ Common Stock (83,205 underlying) - Award
Employee Stock Option (right to buy)
[F1][F3]2026-05-22+124,807→ 124,807 totalExp: 2033-10-12→ Common Stock (124,807 underlying) - Award
Employee Stock Option (right to buy)
[F1][F3]2026-05-22+62,403→ 62,403 totalExp: 2034-12-19→ Common Stock (62,403 underlying) - Award
Employee Stock Option (right to buy)
[F1][F3]2026-05-22+104,006→ 104,006 totalExp: 2035-12-21→ Common Stock (104,006 underlying) - Award
Employee Stock Option (right to buy)
[F1][F3]2026-05-22+416,023→ 416,023 totalExp: 2035-12-21→ Common Stock (416,023 underlying)
Footnotes (3)
- [F1]Received in connection with the Issuer's merger (the "Merger") with Matternet, Inc. ("Legacy Matternet") in accordance with the terms of the Agreement and Plan of Merger and Reorganization dated as of May 22, 2026, by and among the Issuer (f/k/a Los Altos Ventures Corp.), Matternet Acquisition Co. and Legacy Matternet (the "Merger Agreement"), in exchange for options of Legacy Matternet. Each vested and unvested option to purchase shares of common stock of Legacy Matternet outstanding immediately prior to the effective time of the Merger was assumed by the Issuer and converted into an option to purchase shares of common stock equal to the product of (a) the number of shares of common stock subject to such option immediately prior to the effective time of the Merger and (b) 2.0801 (the "Conversion Ratio"), at an exercise price per share equal to (i) the exercise price per share of such option immediately prior to the effective time of the Merger divided by (ii) the Conversion Ratio.
- [F2]The shares subject to the option shall become vested and exercisable according to the following schedule: 25% of the shares subject to the option shall vest on the first anniversary of the vesting commencement date, and the remaining shares shall vest in equal monthly installments over the next 36 months.
- [F3]The shares subject to the option shall become vested and exercisable in 48 equal monthly installments from the vesting commencement date.