Hyland Scott Alan 4

What Happened

• Hyland Scott Alan (Senior Vice President of Marketing) exercised stock options for 2,000 common shares at an exercise price of $8.18 per share, costing $16,360 in the transaction dated March 23, 2026. The same Form 4 also shows two disposal entries: an open-market/private sale of 1,017 shares reported at $0.00 and an additional exercise/conversion line for 2,000 derivative shares reported at $0.00. The filing does not provide a descriptive footnote explaining the zero-dollar disposals.

Key Details

• Transaction date(s): March 23, 2026; Form 4 filed March 24, 2026 (appears timely).
• Exercise: 2,000 shares @ $8.18 = $16,360 (code M).
• Disposals: 1,017 shares (S) @ $0.00; 2,000 derivative shares (M) @ $0.00 — filing gives $0 proceeds for both disposal lines.
• Shares reported acquired via 401(k): footnote F1 reports 8,512.7119 common shares accumulated in the company 401(k) as of March 23, 2026.
• Vesting note: footnote F2 states these options vest in 20% installments annually beginning June 28, 2017.
• The filer did not attach a footnote explaining the zero-dollar disposal lines (e.g., tax withholding, net settlement, or internal transfer).

Context

• The primary action here is an option exercise (derivative conversion). Insiders often exercise options for various reasons (liquidity, portfolio management, meeting tax obligations). When filings show disposals at $0.00, common explanations include shares withheld for taxes, transfers to brokerage/escrow, or internal net settlement — but this filing does not specify which, so no assumption should be made about motive. Purchases (like the 401(k) accumulation) can be interpreted as routine employee plan activity rather than a directional market signal.