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USA Insider Trading Pulse — October 26, 2026

USA Insider Trading Pulse

By Gunpowder Editorial ·

50 high priority 50 total filings analysed

Executive Summary

The USA Insider Trading Pulse for 2026-10-26 covers 50 SEC Form 4 filings, of which 49 fall within the insider-transaction scope and one (Gladstone-family entity beneficial-ownership reports are in scope; the excluded item is a Pine Tree SPAC disposition flagged below as marginal) was retained.

Activity is dominated by routine equity compensation (director RSU and restricted stock awards at Vylor, Acuity, Andersons, MillerKnoll, Fiverr, New York Times) and tax-withholding dispositions (Applied Optoelectronics across five insiders at $77.32, MillerKnoll, Acuity), which carry low signal value. Discretionary open-market selling is concentrated in the largest-cap names: Intuitive Surgical director Gary Guthart sold ~$9.08M, MSCI's General Counsel sold ~$1.48M, and Dell's director Lynn Radakovich sold ~$930K, most under Rule 10b5-1 plans, which reduces their informational content. The only clear open-market accumulation is Bluerock Private Real Estate Fund director Ramin Kamfar, who bought roughly $2.1M across two tranches at $12.42-$12.52. Period-over-period comparisons are largely absent from these Form 4 filings, so trend analysis relies on transaction-level data rather than YoY or QoQ financials. Net, the day's pulse is predominantly sell-side discretionary activity in a few large caps against broad director compensation accrual, with limited aggregate directional conviction.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Form 4

Tracking the trend? Catch up on the prior USA Insider Trading Pulse digest from October 19, 2026.

Investment Signals (10)

  • Bluerock Private Real Estate Fund ↓ (BULLISH)
    ▲

    Director Ramin Kamfar bought 170,320 shares across two open-market purchases (61,028 at $12.42 ~$758K; 109,292 at $12.52 ~$1.37M), lifting holdings to 2,890,743 shares

  • Intuitive Surgical ↓ (BEARISH)
    ▲

    Director Gary Guthart sold 20,095 shares at $451.61 (~$9.08M) leaving 1,204,530 held; sale executed under a Rule 10b5-1 plan, so low conviction signal

  • MSCI Inc. ↓ (BEARISH)
    ▲

    General Counsel Robert Gutowski sold 2,381 shares at $623.66 (~$1.48M), retaining 14,104 shares; largest discretionary sale relative to holdings in the set (~14%)

  • Dell Technologies ↓ (BEARISH)
    ▲

    Director Lynn Radakovich exercised 2,022 options at $31.14 and sold 2,022 Class C shares at $460.00 (~$930K) under a 10b5-1 plan, holding 25,686 shares; mechanical exercise-and-sell pattern

  • Miami International Holdings ↓ (BEARISH)
    ▲

    EVP/GC Barbara Comly and EVP/CIO Douglas Schafer each exercised options at $12.00 and sold at ~$35.0 (~$431K and ~$280K), capturing roughly 3x intrinsic gain while retaining 839,564 and 387,414 shares; both under 10b5-1 plans

  • Procter & Gamble ↓ (BEARISH)
    ▲

    Health Care CEO Paul Gama sold 4,331 shares at $161.27 (~$698K), retaining 46,792.88 shares; the largest dollar sale among consumer names in this set

  • Chief Accounting Officer Emer Lyons (ICON PLC) (BEARISH)
    ▲

    Exercised 510 shares and sold 123 across three trades (~$22K total) leaving 990 shares; small-size selling consistent with routine liquidity

  • Applied Optoelectronics ↓ (NEUTRAL)
    ▲

    Five insiders (CEO Thompson Lin, CFO Stefan Murry, Fred Chang, David Kuo, Joshua Yeh) had shares withheld for taxes at $77.32, aggregate ~$1.4M; tax-withholding rather than discretionary selling

  • Acuity Inc. ↓ (NEUTRAL)
    ▲

    CEO Neil Ashe (8,078 shares to 80,280), CFO Karen Holcom (2,648 to 20,095), GC Barry Goldman (1,734 to 6,590) and HR SVP Sara Dadyar (1,388 to 3,075) all received equity awards, signaling compensation accrual rather than trading

  • Athira Pharma ↓ (BULLISH)
    ▲

    Perceptive Advisors (a director-affiliated fund) exercised 776,648 pre-funded warrants at nominal cost, converting to 776,648 common shares; conversion activity from a concentrated holder

Risk Flags (8)

Opportunities (6)

  • Bluerock Private Real Estate Fund / Director Accumulation↓ (OPPORTUNITY)
    ◆

    Kamfar's ~$2.1M open-market purchase at ~$12.5 signals director conviction in a non-traded-style vehicle; holdings now 2.89M shares, a potential valuation floor indicator

  • Athira Pharma / Affiliated Fund Conversion↓ (OPPORTUNITY)
    ◆

    Perceptive Advisors converted 776,648 pre-funded warrants at nominal cost, adding common share exposure from a specialist biotech investor; watch for follow-on positioning

  • Applied Optoelectronics / Insider Retention at Current Levels↓ (OPPORTUNITY)
    ◆

    Combined tax withholding across five insiders (~1.4M in value) occurred without open-market selling, suggesting continued management hold through vesting at $77.32

  • Miami International Holdings / Post-Exercise Retention↓ (OPPORTUNITY)
    ◆

    Both senior officers retained very large residual stakes (839K and 387K shares) after exercise-and-sell, indicating continued alignment despite monetization

  • Gladstone Family Entities / Recurring Director-Level Holdings (OPPORTUNITY)
    ◆

    Walter Wilkinson's beneficial positions across Gladstone Capital, Commercial, Land, Investment and Alternative Income vehicles reflect consistent insider alignment across the complex

  • Check Point Software / Product Officer Plan Sale↓ (OPPORTUNITY)
    ◆

    Chief Product Officer Nataly Kremer sold 3,185 shares at $150.08 (~$478K) under a 10b5-1 plan, retaining 19,347 shares; planned sale reduces discretionary-timing risk concerns

Sector Themes (6)

  • Equity Compensation Accrual Dominates Filing Volume
    ◆

    Roughly 20 of 50 filings are director or officer RSU, restricted stock or phantom stock awards (Vylor x3, Acuity x4, Andersons x2, MillerKnoll, Fiverr, NYT, Davey Tree, Solid Biosciences, Securetech), indicating a heavy annual-grant cycle; implication is that award filings carry little directional signal for investors

  • 10b5-1 Plan Prevalence in Large-Cap Sales
    ◆

    At least seven discretionary sales (Intuitive, Guidewire, Dell, Miami x2, Check Point, Hershey Trust, Mercury Systems) were executed under Rule 10b5-1 plans, suggesting pre-scheduled liquidity rather than opportunistic timing; reduces the predictive value of these sales

  • Option Exercise-and-Sell Pattern
    ◆

    Multiple filings show the sequence of exercising options at strike and selling at market (Dell at $31.14 strike vs $460 sale; Miami at $12.00 strike vs $35 sale; Securetech; ICON), indicating in-the-money monetization by long-tenured officers and directors

  • Tax-Withholding Clustering at Applied Optoelectronics
    ◆

    Five insiders withheld shares at the same $77.32 price in one filing window, aggregate roughly $1.4M, pointing to a coordinated vesting event with dilution implications

  • Financial-Sector Insider Activity Limited
    ◆

    Only Customers Bancorp, United Community Banks, and Goldman Sachs filings were present; Goldman CAO Ericka Leslie sold ~$223K total and United Community EVP sold ~$50K, both small relative to position sizes, indicating no bank-sector sell cluster

  • Small-Cap Biotech Ownership Concentration
    ◆

    Athira Pharma's Perceptive Advisors conversion and Acrivon's low-price officer sale illustrate concentrated institutional and insider holdings in microcap biotech, with liquidity and dilution considerations

Watch List (8)

  • Intuitive Surgical↓
    👁

    Director Guthart's ~$9.08M 10b5-1 sale; monitor for subsequent discretionary filings and any change to the plan schedule

  • Bluerock Private Real Estate Fund↓
    👁

    Director Kamfar's ~$2.1M purchases; track whether the accumulation continues in subsequent filings and whether it coincides with NAV or distribution announcements

  • Applied Optoelectronics↓
    👁

    Five-insider tax-withholding cluster at $77.32; monitor next quarterly 10-Q for share count dilution and any follow-on vesting schedule

  • Dell Technologies↓
    👁

    Director Radakovich option-exercise-and-sell pattern; watch for repetition across other Dell directors in the next filing window

  • Miami International Holdings↓
    👁

    Concurrent exercise-and-sell by GC and CIO at $35; monitor for further 10b5-1 plan executions and post-IPO lockup context

  • Athira Pharma↓
    👁

    Perceptive Advisors warrant conversion (776,648 shares); track whether this precedes additional common-stock positioning or a secondary offering

  • Procter & Gamble↓
    👁

    Health Care CEO Paul Gama's $698K sale; watch for cadence of divisional-officer sales in the next two filing cycles

  • Acrivon Therapeutics↓
    👁

    CLO Mary Miller's sale at $1.84; cross-check the company's cash runway and any financing announcements given the low trading price

Filing Analyses (50)
GLADSTONE CAPITAL CORP 4 neutral materiality 2/10

26-10-2026

WILKINSON WALTER H reported beneficial ownership in GLADSTONE CAPITAL CORP. 1 position reported.

  • · Holds 15,015.19 Common Stock (direct)
Vylor Inc. 4 neutral materiality 6/10

26-10-2026

Director Kalathur Rajesh was awarded 2,610 Common. Kalathur Rajesh holds 2,610 shares after the transaction.

  • · Director Kalathur Rajesh was awarded 2,610 Common
MERCURY SYSTEMS INC 4 negative materiality 3/10

26-10-2026

EVP, CLO & Corp Sec KUPINSKY STUART sold 1,000 Common Stock at $76.00 (~$76K). KUPINSKY STUART holds 59,971 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · EVP, CLO & Corp Sec KUPINSKY STUART sold 1,000 Common Stock at $76.00 (~$76K)
Vylor Inc. 4 neutral materiality 5/10

26-10-2026

Director Oosthuizen Johannes Jacobus was awarded 2,610 Common. Oosthuizen Johannes Jacobus holds 2,610 shares after the transaction.

  • · Director Oosthuizen Johannes Jacobus was awarded 2,610 Common
ACUITY INC. (DE) 4 neutral materiality 4/10

26-10-2026

President & CEO ASHE NEIL was awarded 8,078 Common Stock. ASHE NEIL holds 80,280 shares after the transaction.

  • · President & CEO ASHE NEIL was awarded 8,078 Common Stock
Customers Bancorp, Inc. 4 neutral materiality 3/10

26-10-2026

EVP, Head of Corp Development Watkins Philip had withheld for taxes 3,332 Common Stock at $84.54 (~$282K). Watkins Philip holds 44,602 shares after the transaction.

  • · EVP, Head of Corp Development Watkins Philip had withheld for taxes 3,332 Common Stock at $84.54 (~$282K)
PROCTER & GAMBLE Co 4 negative materiality 7/10

26-10-2026

CEO- Health Care Gama Paul sold 4,331 Common Stock at $161.27 (~$698K). Gama Paul holds 46,792.8803 shares after the transaction.

  • · CEO- Health Care Gama Paul sold 4,331 Common Stock at $161.27 (~$698K)
DAVEY TREE EXPERT CO 4 neutral materiality 3/10

26-10-2026

Director HARRIS MATTHEW CHRISTOPHER was awarded 1,267.2231 Phantom Stock.

  • · Director HARRIS MATTHEW CHRISTOPHER was awarded 1,267.2231 Phantom Stock
Guidewire Software, Inc. 4 negative materiality 4/10

26-10-2026

Chief Executive Officer Rosenbaum Michael George sold 1,200 Common Stock at $187.19 (~$225K). Rosenbaum Michael George holds 273,666 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Chief Executive Officer Rosenbaum Michael George sold 1,200 Common Stock at $187.19 (~$225K)
MSCI Inc. 4 negative materiality 5/10

26-10-2026

General Counsel Gutowski Robert J. sold 2,381 Common Stock at $623.66 (~$1.48M). Gutowski Robert J. holds 14,104 shares after the transaction.

  • · General Counsel Gutowski Robert J. sold 2,381 Common Stock at $623.66 (~$1.48M)
ICON PLC 4 negative materiality 5/10

26-10-2026

Chief Accounting Officer Lyons Emer sold 81 Ordinary Shares at $181.39 (~$14.7K). 7 transactions reported in total. Lyons Emer holds 990 shares after the transaction.

  • · Chief Accounting Officer Lyons Emer exercised/converted 510 Ordinary Shares
  • · Chief Accounting Officer Lyons Emer sold 42 Ordinary Shares at $180.54 (~$7.58K)
  • · Chief Accounting Officer Lyons Emer sold 81 Ordinary Shares at $181.39 (~$14.7K)
  • · Chief Accounting Officer Lyons Emer sold 43 Ordinary Shares at $182.30 (~$7.84K)
  • · Chief Accounting Officer Lyons Emer sold 52 Ordinary Shares at $183.42 (~$9.54K)
  • · Chief Accounting Officer Lyons Emer sold 54 Ordinary Shares at $184.29 (~$9.95K)
  • · Chief Accounting Officer Lyons Emer exercised/converted 510 Restricted Share Units
Andersons, Inc. 4 neutral materiality 3/10

26-10-2026

Director Hershberger Pamela S was awarded 9.839 RESTRICTED SHARE UNIT (2024).

  • · Director Hershberger Pamela S was awarded 9.839 RESTRICTED SHARE UNIT (2024)
  • · Director Hershberger Pamela S was awarded 7.209 RESTRICTED SHARE UNIT (2025)
  • · Director Hershberger Pamela S was awarded 10.423 RESTRICTED SHARE UNIT (2026)
GLADSTONE COMMERCIAL CORP 4 neutral materiality 2/10

26-10-2026

WILKINSON WALTER H reported beneficial ownership in GLADSTONE COMMERCIAL CORP. 1 position reported.

  • · Holds 15,636.868 Common Stock (direct)
Bluerock Private Real Estate Fund 4 positive materiality 5/10

26-10-2026

Director KAMFAR RAMIN bought 109,292 Common Shares of Beneficial Interest at $12.52 (~$1.37M). KAMFAR RAMIN holds 2,890,743 shares after the transaction.

  • · Director KAMFAR RAMIN bought 61,028 Common Shares of Beneficial Interest at $12.42 (~$758K)
  • · Director KAMFAR RAMIN bought 109,292 Common Shares of Beneficial Interest at $12.52 (~$1.37M)
Andersons, Inc. 4 neutral materiality 3/10

26-10-2026

Director Douglas Gary A. acquired 38.291 Common Stock at $65.15 (~$2.49K). Douglas Gary A. holds 12,512.208 shares after the transaction.

  • · Director Douglas Gary A. acquired 38.291 Common Stock at $65.15 (~$2.49K)
  • · Director Douglas Gary A. was awarded 9.839 RESTRICTED SHARE UNIT (2024)
  • · Director Douglas Gary A. was awarded 7.209 RESTRICTED SHARE UNIT (2025)
ACUITY INC. (DE) 4 neutral materiality 5/10

26-10-2026

SVP & General Counsel GOLDMAN BARRY R was awarded 1,734 Common Stock. GOLDMAN BARRY R holds 6,590 shares after the transaction.

  • · SVP & General Counsel GOLDMAN BARRY R was awarded 1,734 Common Stock
ACUITY INC. (DE) 4 neutral materiality 4/10

26-10-2026

SVP, Global Head HR Dadyar Sara was awarded 1,388 Common Stock. Dadyar Sara holds 3,075 shares after the transaction.

  • · SVP, Global Head HR Dadyar Sara was awarded 1,388 Common Stock
Securetech Innovations, Inc. 4 neutral materiality 4/10

26-10-2026

Co-Founder & General Manager Kao Lee disposed to the issuer 170 Series A Preferred Stock, $0.001 par value. Kao Lee holds 1,798,140 shares after the transaction.

  • · Co-Founder & General Manager Kao Lee disposed to the issuer 170 Series A Preferred Stock, $0.001 par value
  • · Co-Founder & General Manager Kao Lee was awarded 1,700,000 Common Stock, $0.001 par value
INTUITIVE SURGICAL INC 4 negative materiality 6/10

26-10-2026

Director GUTHART GARY S sold 20,095 Common Stock at $451.61 (~$9.08M). GUTHART GARY S holds 1,204,530 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Director GUTHART GARY S sold 20,095 Common Stock at $451.61 (~$9.08M)
Gladstone Alternative Income Fund 4 neutral materiality 2/10

26-10-2026

WILKINSON WALTER H reported beneficial ownership in Gladstone Alternative Income Fund. 1 position reported.

  • · Holds 0 Common (direct)
FIRST INTERSTATE BANCSYSTEM INC 4 negative materiality 3/10

26-10-2026

10% owner Scott Jonathan R sold 4,175 Common Stock at $37.31 (~$156K). Scott Jonathan R holds 807,738 shares after the transaction.

  • · 10% owner Scott Jonathan R sold 825 Common Stock at $37.00 (~$30.5K)
  • · 10% owner Scott Jonathan R sold 4,175 Common Stock at $37.31 (~$156K)
Waystar Holding Corp. 4 neutral materiality 3/10

26-10-2026

Chief Financial Officer Wegner Alpana had withheld for taxes 3,409 Common Stock at $28.76 (~$98K). Wegner Alpana holds 158,703 shares after the transaction.

  • · Chief Financial Officer Wegner Alpana had withheld for taxes 3,409 Common Stock at $28.76 (~$98K)
Dell Technologies Inc. 4 negative materiality 5/10

26-10-2026

Director Radakovich Lynn Vojvodich sold 2,022 Class C Common Stock at $460.00 (~$930K). Radakovich Lynn Vojvodich holds 25,686 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Director Radakovich Lynn Vojvodich exercised/converted 2,022 Class C Common Stock at $31.14 (~$63K)
  • · Director Radakovich Lynn Vojvodich sold 2,022 Class C Common Stock at $460.00 (~$930K)
  • · Director Radakovich Lynn Vojvodich exercised/converted 2,022 Options to Acquire Class C Common Stock
Perfect Corp. 4 neutral materiality 6/10

26-10-2026

Chief Executive Officer Chang Alice Hua-Jen disposed of 194,748 Stock Options.

  • · Chief Executive Officer Chang Alice Hua-Jen disposed of 194,748 Stock Options
  • · Chief Executive Officer Chang Alice Hua-Jen disposed of 194,750 Stock Options
MIAMI INTERNATIONAL HOLDINGS, INC. 4 negative materiality 5/10

26-10-2026

EVP, GC & Corporate Secretary Comly Barbara J. sold 12,306 Common Stock at $35.04 (~$431K). Comly Barbara J. holds 839,564 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · EVP, GC & Corporate Secretary Comly Barbara J. exercised/converted 12,306 Common Stock at $12.00 (~$148K)
  • · EVP, GC & Corporate Secretary Comly Barbara J. sold 12,306 Common Stock at $35.04 (~$431K)
  • · EVP, GC & Corporate Secretary Comly Barbara J. exercised/converted 12,306 Nonqualified Stock Option (Right to Buy)
Pine Tree Acquisition Corp. 4 neutral materiality 3/10

26-10-2026

10% owner Pine Tree Sponsor Group, LLC disposed to the issuer 385,714 Class B Ordinary Shares.

  • · 10% owner Pine Tree Sponsor Group, LLC disposed to the issuer 385,714 Class B Ordinary Shares
GOLDMAN SACHS GROUP INC 4 negative materiality 4/10

26-10-2026

Chief Administrative Officer LESLIE ERICKA T sold 183 Common Stock, par value $0.01 per share at $890.03 (~$163K). LESLIE ERICKA T holds 10,710 shares after the transaction.

  • · Chief Administrative Officer LESLIE ERICKA T sold 183 Common Stock, par value $0.01 per share at $890.03 (~$163K)
  • · Chief Administrative Officer LESLIE ERICKA T sold 67 Common Stock, par value $0.01 per share at $890.85 (~$59.7K)
GLADSTONE LAND Corp 4 neutral materiality 2/10

26-10-2026

WILKINSON WALTER H reported beneficial ownership in GLADSTONE LAND Corp. 1 position reported.

  • · Holds 13,808.87 Common Stock (direct)
EASTGROUP PROPERTIES INC 4 negative materiality 5/10

26-10-2026

Executive Vice President, CFO Tyler Staci H. sold 1,600 Common Stock at $201.69 (~$323K). Tyler Staci H. holds 13,584 shares after the transaction.

  • · Executive Vice President, CFO Tyler Staci H. gifted 125 Common Stock
  • · Executive Vice President, CFO Tyler Staci H. sold 1,600 Common Stock at $201.69 (~$323K)
Cayson Acquisition Corp 4 neutral materiality 4/10

26-10-2026

CEO Cao Yawei gifted 100 Ordinary Shares. 20 transactions reported in total. Cao Yawei holds 766,905 shares after the transaction.

  • · CEO Cao Yawei gifted 100 Ordinary Shares
  • · CEO Cao Yawei gifted 100 Ordinary Shares
  • · CEO Cao Yawei gifted 100 Ordinary Shares
  • · CEO Cao Yawei gifted 100 Ordinary Shares
  • · CEO Cao Yawei gifted 100 Ordinary Shares
  • · CEO Cao Yawei gifted 125 Ordinary Shares
  • · CEO Cao Yawei gifted 125 Ordinary Shares
  • · CEO Cao Yawei gifted 125 Ordinary Shares
APPLIED OPTOELECTRONICS, INC. 4 neutral materiality 4/10

26-10-2026

*** See Remarks Chang Hung-Lun (Fred) had withheld for taxes 2,940 Common Stock, $.001 par value at $77.32 (~$227K). 4 transactions reported in total. Chang Hung-Lun (Fred) holds 244,135 shares after the transaction.

  • · *** See Remarks Chang Hung-Lun (Fred) had withheld for taxes 2,940 Common Stock, $.001 par value at $77.32 (~$227K)
  • · *** See Remarks Chang Hung-Lun (Fred) had withheld for taxes 674 Common Stock, $.001 par value at $77.32 (~$52.1K)
  • · *** See Remarks Chang Hung-Lun (Fred) had withheld for taxes 850 Common Stock, $.001 par value at $77.32 (~$65.7K)
  • · *** See Remarks Chang Hung-Lun (Fred) had withheld for taxes 677 Common Stock, $.001 par value at $77.32 (~$52.3K)
APPLIED OPTOELECTRONICS, INC. 4 neutral materiality 5/10

26-10-2026

Chief Financial Officer Murry Stefan J. had withheld for taxes 3,267 Common Stock, $.001 par value at $77.32 (~$253K). 4 transactions reported in total. Murry Stefan J. holds 357,223 shares after the transaction.

  • · Chief Financial Officer Murry Stefan J. had withheld for taxes 3,267 Common Stock, $.001 par value at $77.32 (~$253K)
  • · Chief Financial Officer Murry Stefan J. had withheld for taxes 746 Common Stock, $.001 par value at $77.32 (~$57.7K)
  • · Chief Financial Officer Murry Stefan J. had withheld for taxes 1,086 Common Stock, $.001 par value at $77.32 (~$84K)
  • · Chief Financial Officer Murry Stefan J. had withheld for taxes 846 Common Stock, $.001 par value at $77.32 (~$65.4K)
APPLIED OPTOELECTRONICS, INC. 4 neutral materiality 3/10

26-10-2026

*** See Remarks Kuo David C had withheld for taxes 2,053 Common Stock, $.001 par value at $77.32 (~$159K). 4 transactions reported in total. Kuo David C holds 142,228 shares after the transaction.

  • · *** See Remarks Kuo David C had withheld for taxes 2,053 Common Stock, $.001 par value at $77.32 (~$159K)
  • · *** See Remarks Kuo David C had withheld for taxes 519 Common Stock, $.001 par value at $77.32 (~$40.1K)
  • · *** See Remarks Kuo David C had withheld for taxes 567 Common Stock, $.001 par value at $77.32 (~$43.8K)
  • · *** See Remarks Kuo David C had withheld for taxes 447 Common Stock, $.001 par value at $77.32 (~$34.6K)
HERSHEY CO 4 negative materiality 3/10

26-10-2026

10% owner HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL sold 5,610 Common Stock, $1.00 par value at $169.64 (~$952K). 14 transactions reported in total. HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL holds 516,119 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · 10% owner HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL sold 363 Common Stock, $1.00 par value at $169.29 (~$61.5K)
  • · 10% owner HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL sold 102 Common Stock, $1.00 par value at $170.23 (~$17.4K)
  • · 10% owner HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL sold 417 Common Stock, $1.00 par value at $171.48 (~$71.5K)
  • · 10% owner HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL sold 522 Common Stock, $1.00 par value at $172.67 (~$90.1K)
  • · 10% owner HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL sold 482 Common Stock, $1.00 par value at $173.43 (~$83.6K)
  • · 10% owner HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL sold 4,361 Common Stock, $1.00 par value at $174.53 (~$761K)
  • · 10% owner HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL sold 3,753 Common Stock, $1.00 par value at $175.51 (~$659K)
  • · 10% owner HERSHEY TRUST CO TRUSTEE IN TRUST FOR MILTON HERSHEY SCHOOL sold 5,610 Common Stock, $1.00 par value at $169.64 (~$952K)
APPLIED OPTOELECTRONICS, INC. 4 neutral materiality 3/10

26-10-2026

*** See Remarks Yeh Shu-Hua (Joshua) had withheld for taxes 1,202 Common Stock, $.001 par value at $77.32 (~$92.9K). 4 transactions reported in total. Yeh Shu-Hua (Joshua) holds 369,280 shares after the transaction.

  • · *** See Remarks Yeh Shu-Hua (Joshua) had withheld for taxes 1,202 Common Stock, $.001 par value at $77.32 (~$92.9K)
  • · *** See Remarks Yeh Shu-Hua (Joshua) had withheld for taxes 287 Common Stock, $.001 par value at $77.32 (~$22.2K)
  • · *** See Remarks Yeh Shu-Hua (Joshua) had withheld for taxes 406 Common Stock, $.001 par value at $77.32 (~$31.4K)
  • · *** See Remarks Yeh Shu-Hua (Joshua) had withheld for taxes 323 Common Stock, $.001 par value at $77.32 (~$25K)
Solid Biosciences Inc. 4 neutral materiality 5/10

26-10-2026

Director Ganot Ilan was awarded 150,000 Restricted Stock Units.

  • · Director Ganot Ilan was awarded 150,000 Restricted Stock Units
MIAMI INTERNATIONAL HOLDINGS, INC. 4 negative materiality 4/10

26-10-2026

EVP and CIO Schafer Douglas M. JR sold 8,000 Common Stock at $35.06 (~$280K). Schafer Douglas M. JR holds 387,414 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · EVP and CIO Schafer Douglas M. JR exercised/converted 8,000 Common Stock at $12.00 (~$96K)
  • · EVP and CIO Schafer Douglas M. JR sold 8,000 Common Stock at $35.06 (~$280K)
  • · EVP and CIO Schafer Douglas M. JR exercised/converted 8,000 Nonqualified Stock Option (Right to Buy)
APPLIED OPTOELECTRONICS, INC. 4 neutral materiality 5/10

26-10-2026

President and CEO Lin Chih-Hsiang (Thompson) had withheld for taxes 9,331 Common Stock, $.001 par value at $77.32 (~$721K). 4 transactions reported in total. Lin Chih-Hsiang (Thompson) holds 1,279,374 shares after the transaction.

  • · President and CEO Lin Chih-Hsiang (Thompson) had withheld for taxes 9,331 Common Stock, $.001 par value at $77.32 (~$721K)
  • · President and CEO Lin Chih-Hsiang (Thompson) had withheld for taxes 2,486 Common Stock, $.001 par value at $77.32 (~$192K)
  • · President and CEO Lin Chih-Hsiang (Thompson) had withheld for taxes 2,691 Common Stock, $.001 par value at $77.32 (~$208K)
  • · President and CEO Lin Chih-Hsiang (Thompson) had withheld for taxes 2,165 Common Stock, $.001 par value at $77.32 (~$167K)
Acrivon Therapeutics, Inc. 4 negative materiality 3/10

26-10-2026

Chief Legal Officer Miller Mary sold 513 Common Stock at $1.84 (~$944). Miller Mary holds 81,202 shares after the transaction.

  • · Chief Legal Officer Miller Mary sold 513 Common Stock at $1.84 (~$944)
Vylor Inc. 4 neutral materiality 6/10

26-10-2026

Director Aguilar Moses Victor Javier was awarded 2,610 Common. Aguilar Moses Victor Javier holds 2,610 shares after the transaction.

  • · Director Aguilar Moses Victor Javier was awarded 2,610 Common
MILLERKNOLL, INC. 4 neutral materiality 5/10

26-10-2026

Chief Executive Officer Stutz Jeffrey M was awarded 20,744 Restricted Stock Units.

  • · Chief Executive Officer Stutz Jeffrey M was awarded 20,744 Restricted Stock Units
InnovAge Holding Corp. 4 negative materiality 3/10

26-10-2026

CHIEF LEGAL OFFICER DAMATO NICOLE sold 3,402 Common Stock, $0.001 par value at $9.51 (~$32.4K). DAMATO NICOLE holds 301,495 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · CHIEF LEGAL OFFICER DAMATO NICOLE sold 3,402 Common Stock, $0.001 par value at $9.51 (~$32.4K)
ACUITY INC. (DE) 4 neutral materiality 6/10

26-10-2026

SVP & Chief Financial Officer HOLCOM KAREN J was awarded 2,648 Common Stock. HOLCOM KAREN J holds 20,095 shares after the transaction.

  • · SVP & Chief Financial Officer HOLCOM KAREN J was awarded 2,648 Common Stock
CHECK POINT SOFTWARE TECHNOLOGIES LTD 4 negative materiality 4/10

26-10-2026

Chief Product Officer Kremer Nataly sold 3,185 Ordinary Shares, NIS 0.01 Per Share at $150.08 (~$478K). Kremer Nataly holds 19,347 shares after the transaction. Trades executed under a Rule 10b5-1 plan.

  • · Chief Product Officer Kremer Nataly sold 3,185 Ordinary Shares, NIS 0.01 Per Share at $150.08 (~$478K)
UNITED COMMUNITY BANKS INC 4 negative materiality 3/10

26-10-2026

EVP, Chief Banking Officer BRADSHAW RICHARD sold 1,339 Common Stock at $37.17 (~$49.8K). BRADSHAW RICHARD holds 82,054 shares after the transaction.

  • · EVP, Chief Banking Officer BRADSHAW RICHARD sold 1,339 Common Stock at $37.17 (~$49.8K)
  • · EVP, Chief Banking Officer BRADSHAW RICHARD sold 6 Common Stock at $36.98 (~$222)
MILLERKNOLL, INC. 4 neutral materiality 4/10

26-10-2026

Chief Financial Officer Veltman Kevin J. had withheld for taxes 2,214.306 Common Stock at $21.68 (~$48K). Veltman Kevin J. holds 25,180.5337 shares after the transaction.

  • · Chief Financial Officer Veltman Kevin J. exercised/converted 4,887 Common Stock
  • · Chief Financial Officer Veltman Kevin J. had withheld for taxes 2,214.306 Common Stock at $21.68 (~$48K)
  • · Chief Financial Officer Veltman Kevin J. exercised/converted 4,887 Restricted Stock Units
Fiverr International Ltd. 4 neutral materiality 4/10

26-10-2026

Director Garten Yael was awarded 25,951 Ordinary Shares. Garten Yael holds 43,490 shares after the transaction.

  • · Director Garten Yael was awarded 25,951 Ordinary Shares
GLADSTONE INVESTMENT CORPORATION\DE 4 neutral materiality 2/10

26-10-2026

WILKINSON WALTER H reported beneficial ownership in GLADSTONE INVESTMENT CORPORATION\DE. 1 position reported.

  • · Holds 40,528.458 Common Stock (direct)
Athira Pharma, Inc. 4 neutral materiality 6/10

26-10-2026

Director PERCEPTIVE ADVISORS LLC exercised/converted 776,648 Common Stock at $0.00 (~$777). PERCEPTIVE ADVISORS LLC holds 776,648 shares after the transaction.

  • · Director PERCEPTIVE ADVISORS LLC exercised/converted 776,648 Common Stock at $0.00 (~$777)
  • · Director PERCEPTIVE ADVISORS LLC exercised/converted 776,648 Pre-Funded Warrant (right to buy)
NEW YORK TIMES CO 4 neutral materiality 3/10

26-10-2026

Director Subramanian Anuradha B. was awarded 38 Class A Common Stock. Subramanian Anuradha B. holds 11,973 shares after the transaction.

  • · Director Subramanian Anuradha B. was awarded 38 Class A Common Stock

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