Kotte Sanjay Kumar 4
4 · Matternet, Inc. · Filed May 27, 2026
Research Summary
AI-generated summary of this filing
Matternet Director Sanjay Kotte Receives 374,421-Share Award
What Happened
Sanjay Kotte, a director of Matternet, was credited with a derivative award on May 22, 2026 that converts legacy Matternet options into rights to acquire 374,421 shares of Matternet common stock. The Form 4 reports the acquisition as 374,421 shares at $0.00 (derivative), reflecting an exchange/conversion tied to the issuer’s merger rather than a cash purchase.
Key Details
- Transaction date: 2026-05-22 (reported on Form 4 filed 2026-05-27). The filing appears to be late versus the 2-business-day Form 4 rule.
- Transaction type: A (grant/award or other acquisition); recorded as a derivative security.
- Shares/units: 374,421 (resulting from conversion of legacy options). Reported acquisition price: $0.00.
- Conversion mechanics: Legacy options were assumed and converted using a Conversion Ratio of 2.0801 per the Merger Agreement; exercise price per share was adjusted by dividing the prior exercise price by the Conversion Ratio.
- Vesting: The shares subject to the option vest in 48 equal monthly installments from the vesting commencement date (i.e., a 4-year monthly vesting schedule).
- Shares owned after transaction: not specified in the provided filing.
- Footnote: Award received in connection with the issuer’s merger with Legacy Matternet and is an exchange for pre-merger options.
Context
This filing documents a conversion/assumption of existing options into issuer options as part of a merger—these are derivative rights (options), not immediately issued free shares. Because vesting occurs monthly over 48 months, the award represents long-term compensation rather than an immediate equity stake or a market purchase/sale. The late filing is a reporting compliance issue but does not change the underlying award mechanics.
Insider Transaction Report
- Award
Director Stock Option (right to buy)
[F1][F2]2026-05-22+374,421→ 374,421 totalExp: 2036-04-12→ Common Stock (374,421 underlying)
Footnotes (2)
- [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 in 48 equal monthly installments from the vesting commencement date.