BLECHMAN MICHAEL 4

What Happened

• Director Michael Blechman received two derivative awards on 2026-02-17 totaling 44,000 shares (24,000 + 20,000). The Form 4 reports an acquisition price of $0.00 for each award (derivative grant), with a reported total value of $0. These appear to be option awards issued instead of cash director fees.

Key Details

• Transaction date: 2026-02-17; Form 4 filing date: 2026-03-17 (filed late relative to the transaction).
• Reported amounts: 24,000 shares and 20,000 shares (total 44,000) marked as derivative awards; acquisition price listed as $0.00; total reported value $0.
• Footnote: Options were granted in lieu of cash fees and vest over 1 year — vesting 1/12th per month (monthly vesting).
• Shares owned after the transaction are not specified in the provided filing.
• Transaction code: A = Grant/Award (derivative); no sale or purchase of underlying shares was reported.

Context

• This filing documents an equity compensation award (options/derivative grant), not a cash purchase or sale. Such awards are common for directors as non-cash compensation and do not by themselves indicate an immediate bullish or bearish action.
• Because the Form 4 was filed about one month after the reported transaction date, disclosure was late; late filings reduce timeliness and transparency for investors.