King Duane H 4

What Happened

• Duane King (reported as a 10% owner) was granted 230,000 derivative awards on March 4, 2026 — recorded as a grant/award at $0.00 on the Form 4. The filing identifies these awards as nonqualified stock options issued as consideration for services as a director. No cash changed hands at grant.

Key Details

• Transaction date: March 4, 2026; Form 4 filed March 6, 2026 (filed timely).
• Type: Grant / Award (derivative) — 230,000 nonqualified stock options (per footnote).
• Reported acquisition price: $0.00 (grant); these are option grants, not stock purchases.
• Vesting: Options vest in two equal installments — 115,000 on July 1, 2026 and 115,000 on January 2, 2027, subject to continued service.
• Purpose: Issued as director compensation (per footnote).
• Shares owned after transaction: Not specified in the provided summary — the Form 4 and footnotes note additional holdings via King Oil & Gas Co.; consult the full filing for total beneficial ownership.
• Other notes: Footnotes state shares held by King Oil & Gas Co. (100% owned by Mr. King) may be attributed to him for reporting; a voting/nominating agreement may create a group for certain reporting purposes (reporting persons disclaim beneficial ownership of others' securities).

Context

• This is a grant of options (a derivative award), not an exercise or market sale — it does not represent an immediate cash inflow or open‑market purchase by the insider.
• Vesting is time-based and conditional on continued service, so these options become economically relevant only if vested and later exercised or sold.
• As a reported 10% owner and director, Mr. King’s holdings include interests held through King Oil; review the full Form 4 for complete ownership and any group voting arrangements.