CAVANAUGH JAMES H 4

What Happened

• James H. Cavanaugh, a director of Cypherpunk Technologies Inc. (CYPH), had 168,750 restricted stock units (RSUs) converted into common shares on March 13, 2026. The conversion consisted of 74,700 RSUs from a Nov 11, 2025 grant and 94,050 RSUs from a Dec 23, 2025 grant, settled on a 1-for-1 basis. No cash was paid; the filing records the transactions as derivative conversions (Form 4 transaction code M) with $0 reported for consideration.

Key Details

• Transaction date: March 13, 2026 (Form 4 filed March 17, 2026).
• Shares received: 74,700 + 94,050 = 168,750 common shares; price/consideration: $0 (RSU settlement).
• Transaction code: M (exercise or conversion of a derivative instrument).
• Grants and vesting: Nov 11, 2025 RSUs (74,700) and Dec 23, 2025 RSUs (94,050) were granted for no consideration and vested at issuance; both were settled 1-for-1 for shares on March 13, 2026 (see footnotes F1–F4).
• Shares owned after transaction: not specified in the filing.
• Filing timeliness: reported on March 17, 2026 for a March 13 transaction (filed four days after the transaction; Form 4s are generally required within two business days).

Context

• This was a conversion/settlement of RSUs into common stock, not an open-market purchase or sale. The $0 consideration and the “Disposed” entries reflect conversion/settlement of the derivative awards rather than a cash sale. Such award settlements are routine compensation events and do not by themselves indicate a trading signal.