Flatt Stephen Fowler 4

What Happened
Stephen Fowler Flatt, CEO and a director of National Healthcare Corp (NHC), exercised stock options on March 12, 2026 to acquire 1,853 common shares. He paid $53.94 per share for a total cash outlay of $99,951. The filing shows the related derivative instrument was converted/terminated as part of the exercise.

Key Details

• Transaction date: 2026-03-12
• Transaction type/code: Exercise of derivative (code M) — option exercise resulting in acquisition of shares
• Shares acquired: 1,853 at $53.94 per share; total ≈ $99,951
• Disposition entry: derivative instrument for 1,853 shares marked disposed at $0.00 (reflects conversion of the option into shares)
• Shares owned after transaction: Not specified in the provided filing
• Footnote: Options were granted under the 2020 Omnibus Equity Incentive Plan on March 8, 2023; grant and exercise are exempt from Section 16(b) under Rule 16b-3(d) (per footnote F1)
• Filing/record dates: Report filed 2026-03-16 for a 2026-03-12 transaction (filing date shown in accession)

Context
This was an exercise of previously granted stock options (not a sale). Flatt paid cash to exercise ($53.94/share) and there is no indication in this filing that shares were immediately sold (i.e., this appears to be a purchase/acquisition of shares via option exercise). The filing’s footnote confirms the award’s plan and exempt status under Rule 16b-3(d).