Lowrance David L 4

What Happened

• David L. Lowrance, Savara’s Chief Financial Officer, exercised multiple incentive stock option grants on 2026-03-18 to acquire a total of 366,747 common shares by paying approximately $588k in exercise price. To cover withholding for taxes/exercise cost, 116,760 shares were surrendered/withheld (reported as dispositions), leaving a net increase of about 249,987 shares retained.
• These were exercises of previously granted options (codes M for exercise; F for payment/withholding). The filing’s remarks state the exercises were done for tax planning purposes.

Key Details

• Transaction date: 2026-03-18; Form 4 filed 2026-03-20 (timely filing).
• Exercise lots and prices included:
  • 80,684 shares @ $1.51; 75,000 @ $1.59; 130,650 @ $1.23; 43,063 @ $1.11; 12,500 @ $4.45; 24,850 @ $3.35.
  • Aggregate exercised shares: 366,747; aggregate cash paid for exercises: ~ $588k.
• Withholding/dispositions to cover exercise/taxes: 116,760 shares withheld at $5.04 per share (reported as dispositions).
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Footnotes: each option grant had vesting schedules (quarterly installments across various grant dates); filing notes the exercises were incentive stock options and were done for tax planning.
• Transaction codes: M = option exercise; F = payment of exercise price/tax withholding.

Context

• This was effectively a cashless/partially cashless exercise: options were exercised and a portion of the newly issued shares were withheld to satisfy tax and/or exercise obligations rather than sold on the open market. That means these are not sales indicating liquidity-taking in the public markets.
• The filing is factual and routine for execs exercising vested options; no 10b5-1 plan or late filing indication was reported in the provided data.