Norman-Elvenich Alexander 4

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.