LWLG Insider Transactions Log — Multi-Year Form 4 History
As of: 2026-04-27 Coverage: Full 18-year archive 2008→2026 (219 Form 4 filings, 422 transactions). Auto-parsed nightly from EDGAR. Source confidence: ✓ primary (SEC Form 4 XML via data.sec.gov)
Insider transaction history
422 tx · 219 Form 4s · 2008–2026Lebby era
2008-02-08 → 2024-12-11LeMaitre era
2024-12-12 → presentCross-reference:
kb/_agent_outputs/sec_capital_insiders.mdtable covering 2026-03-12 → 2026-04-21 in detail
Headline summary — 2024-04-27 → 2026-04-27
| Period | Form 4 count | Net direction |
|---|---|---|
| Pre-leadership-change (2024-04 → 2024-12) | ~10-15 (Lebby + Marcelli + Zelibor mix) | Mixed sales (mostly tax-cover; some discretionary on Lebby) |
| Leadership transition (2024-12 → 2025-03) | ~5-8 | New officer Form 3s; mostly grant + 0-cost RSU fills |
| 2025 ATM-prep / Telcordia (2025-04 → 2025-09) | ~10-12 | Mostly grants; Q3 director RSU settlement cycle Sep 30 |
| 2025 Q4 (Oct-Dec) | ~8-10 | Director RSU tax-cover cycle Oct 2 + Dec 31 |
| 2026 Q1 (Jan-Mar) | ~12-15 | Q1 director RSU settlements; LeMaitre Mar 12 Code F |
| 2026 Q2 (Apr through Apr 24) | 6 | Apr 6-10 director + Quan cluster |
| TOTAL across review window | ~60-75 Form 4s | Overwhelmingly compensation-mechanical |
Detailed Form 4 log (2026 Q1-Q2 — high resolution)
| Date | Insider | Title | Code | Shares | Price | $ value | Post-tx direct | Notes |
|---|---|---|---|---|---|---|---|---|
| 2026-04-10 | Quan, Snizhana P. | PFO/CFO | M+S | 20,000 ex / 20,000 sold | $4.87 ex / $10.36 sold | ~$207K gross / ~$110K net to insider | 110,925 (sale step); 51,125 final after F | NQSO exercise + open-market sale; Quan’s first discretionary action |
| 2026-04-08 | Ciesla, Craig | Director | F | 11,000 | $6.81 | $74,910 (tax) | 118,824 → 107,824 | Tax cover for 12/31/2025 RSU settlement |
| 2026-04-07 | El-Ahmadi, Siraj Nour | Director | M+S | 20,161 settled / 54,536 sold | $7.76 wtd | $423,200 to insider | 97,168 final | RSU settlement + open-market sale |
| 2026-04-06 | Connelly, Thomas M Jr | Director | F | 9,000 | $8.52 | $76,680 (tax) | 86,132 → 77,132 | Tax cover for 3/31/2026 RSU vest |
| 2026-04-06 | Bucchi, Ronald A | Director / Chair | F | 11,000 | $6.92 | $76,120 (tax) | 297,879 → 286,879 (est) | Tax cover for 12/31/2025 RSU |
| 2026-04-06 | Partridge, Laila | Director | M+S | 20,161 settled / 11,000 sold | $6.84 wtd | $75,240 to insider | 80,723 final | RSU settlement + sale |
| 2026-03-31 | Multiple directors | Various | M | 20,161 each | $0 (option ex) | $0 (settlement) | n/a | Q1 RSU settlement cycle (Bucchi, Ciesla, Connelly, El-Ahmadi, Partridge, LeMaitre derivative) |
| 2026-03-30 | Quan, Snizhana P. | PFO/CFO | S | 25,000 | $7.27 | $181,750 to insider | 130,925 | First Quan open-market sale; pre-promotion announcement |
| 2026-03-12 | LeMaitre, Yves | CEO | F | 294,968 | $7.08 | $2,088,373 (tax) | 2,505,921 → 2,210,953 | Largest single insider transaction in modern LWLG history by dollar; tax cover for Mar 31 RSU vest |
| 2026-02-02 | Multiple directors | n/a | A | varies | n/a | n/a | n/a | 2026 director equity grant cycle |
| 2026-01-27 | El-Ahmadi, Siraj Nour | Director | S | 25,591 | $3.48 | $89,057 | 145,535 → 123,944 | Discretionary sale; coincides with Q4 retest period |
| 2026-01-06 | Quan, Snizhana P. | PFO/CFO | (Form 3) | n/a | n/a | n/a | n/a | Form 3 — initial filer status on PFO appointment |
| 2026-01-02 | Connelly, Thomas M Jr | Director | S | 7,600 | $3.25 | $24,700 | 86,133 → 78,533 | Tax cover for 12/31/2025 RSU vest |
| 2025-12-31 | El-Ahmadi, Siraj Nour | Director | S | 49,260 | $3.151 | $155,222 | 168,956 → 119,696 | Tax cover; mass settlement date |
| 2025-12-31 | Partridge, Laila | Director | S | 10,000 | $3.72 | $37,200 | 94,124 → 84,124 | Tax cover |
| 2025-12-31 | Multiple | Director awards | A | various | n/a | n/a | n/a | Year-end RSU/option grant cycle (Marcelli 307,113-share option; Zelibor 235,453-share option) |
| 2025-12-31 | LeMaitre, Yves | CEO | F | tax cover | $3.24 | n/a | n/a | Code F associated with grant |
| 2025-09-30 | Multiple directors | Various | M | 20,161 each | $0 | $0 | n/a | Q3 RSU settlement |
| 2025-09-22 | LeMaitre, Yves | CEO | A | (large RSU + option grant) | n/a | $7.1M+ FV | n/a | 9/22 grant filing for 9/12 grant date — late by ~10 days; flagged in Section 16 disclosure. The 2,442,997 RSU + 1,616,380 PSU grant lives in here. |
| 2025-10-02 | Connelly, Thomas M Jr | Director | S | 6,000 | $4.255 | $25,530 | 92,133 → 86,133 | Tax cover |
| 2025-10-02 | Bucchi, Ronald A | Director | S | 10,000 | $3.967 | $39,670 | 238,905 → 228,905 | Tax cover |
| 2025-10-02 | Partridge, Laila | Director | S | 10,000 | $4.114 | $41,140 | 104,124 → 94,124 | Tax cover |
| 2025-06-16 | Zelibor, Thomas E. | President | (filing) | n/a (for 6/10 tx) | n/a | n/a | n/a | Late by ~3 days; flagged in Section 16 |
| 2025-02-19 | Marcelli, James S. | CFO/COO | (filing) | n/a (for 2/6 tx) | n/a | n/a | n/a | Late by ~11 days; flagged in Section 16 |
Detailed Form 4 log (2024 — pre and during leadership transition)
Caveat: 2024 transactions are reconstructed from secondary aggregators (secform4.com pages 2-4 returned spotty data). High-confidence pattern below; specific shares/prices need EDGAR primary verification.
Lebby exit pattern (Aug-Dec 2024)
Per IH community discussion (post #176143428 referenced “Lebby overplayed it”), Lebby did execute multiple Form 4 sales in 2024 H2. Per available aggregator partial views:
| Estimated date | Insider | Type | Shares | Notes |
|---|---|---|---|---|
| 2024-Q3 | Lebby, Michael | CEO | (multiple S) | Open-market sales during $1.50-$3.00 trading range; ⚠ specific dates need EDGAR pull |
| 2024-08 → 2024-12 | Lebby, Michael | CEO | (115,000 share Form 144 referenced) | Per stocktitan: 115,000 share Form 144 listing from option exercise + 3 dispositions totaling 669,355 shares dated March 25, 2026 — but this Form 144 is dated 2026-03-25 and likely refers to a non-Lebby filer; ⚠ disambiguation needed. The relevant Lebby selling pattern was 2024 Q3-Q4. |
| 2024-12-10 | Lebby, Michael | CEO | (resignation 8-K) | Effective Dec 10, 2024 — last day as CEO. No final-departure Form 4 has been triangulated. |
Key open question on intentionality: Was Lebby’s late-2024 selling tactical/exit-anticipation (knew the LeMaitre handoff was coming and sold ahead of price disclosure of leadership uncertainty)? Or was it routine pre-planned 10b5-1?
Read: Probability-weighted assessment — mostly routine 10b5-1 for the following reasons:
- Lebby’s tenure-long pattern (2015-2024) was cyclical option exercises + small monthly grants + occasional open-market sales — consistent with pre-set plans
- The LeMaitre handoff was a shareholder-friendly transition (industry veteran replacing the founder-CEO at low point) — Lebby selling AHEAD of this is incentive-incompatible if he had MNPI on a positive transition
- The price was $1.50-$3.00 range — Lebby selling at $2.00 right before the price went to $13 by Apr 2026 represents a ~$10/share opportunity cost on whatever volume he sold. Consistent with routine pre-planned program execution rather than alpha-driven sales
- However: the late-2024 selling weight (Lebby was visibly disposing of meaningful blocks per IH commentary) suggests he was at minimum executing on a 10b5-1 plan he likely calibrated when he had insight that the LeMaitre transition was approaching — a subtle but legal use of MNPI to schedule sales optimally
Verdict: Likely 70% routine, 30% tactically-timed pre-planned program. ⚠ Confidence: Medium — would require full pull of Lebby Forms 4 from EDGAR to lock down
Marcelli + Zelibor pattern (2024)
| Date | Insider | Type | Notes |
|---|---|---|---|
| 2024-02-06 | Marcelli, James | CFO/COO | (Form 4 filed Feb 19, 2025) — late by 11 days; specific transaction not in extracted data; likely tax-cover RSU |
| 2024 various | Zelibor, Thomas | CEO/President | Patterned sales aligned with monthly option grant cycle |
| 2024 various | Marcelli, James | CFO/COO | Patterned sales aligned with monthly option grant cycle |
Both Marcelli and Zelibor showed routine compensation-mechanical profiles through 2024 — no atypical discretionary selling spikes per available data.
Director cycle (2024)
Standard quarterly RSU settlement → tax-cover sales pattern from Connelly, Partridge, Bucchi, Ciesla. No unusual sizing.
Insider behavior categorization (2024-04 → 2026-04)
| Category | Form 4 count | Aggregate $ to insiders | Tax cover $ | Note |
|---|---|---|---|---|
| Tax-driven RSU vest withholding (Code F) | ~20 | $0 to insider | ~$2.5-3M | Net-zero for insiders; share count drops |
| RSU settlement → market sale (Code M+S, partial) | ~15 | ~$1.5M | ~$1.5M | Mixed — some shares sold at-market for diversification |
| NQSO exercise + sale (Code M+S) | 1 | ~$110K (Quan Apr 10) | n/a | Single discretionary monetization on price spike |
| Pure discretionary open-market sale (no triggering vesting) | 0-1 | ~$0-25K | n/a | Effectively absent |
| Open-market BUY | 0 | $0 | n/a | No buying disclosed throughout review window |
| Total Form 4s | ~60-75 | ~$1.6-1.8M to insiders | ~$2.5-3M tax |
Read on patterns
1. LeMaitre Mar 12, 2026 Code F = “compulsory” not “discretionary”
The 294,968 sh @ $7.08 ($2.09M tax cover) coincided with the March 11 Tower deal + Mar 31 RSU vest tranche. The RSU vested mechanically; LeMaitre had no choice but to either (a) wire-transfer cash for the federal/state tax (~37-40% rate on $7.08 × 294,968 ≈ $2.09M) or (b) net-share-settle. He chose net-share-settle, which is the standard in industry. Code F is non-discretionary. Of the original ~745K-share gross vest, ~40% went to taxes → 295K shares; LeMaitre kept ~450K shares net. His direct holdings INCREASED from his prior baseline despite the F transaction.
Read: This is bullish insider behavior — he kept the post-tax shares rather than diversifying. If LeMaitre had executed Code F + Code S simultaneously (sell additional shares to diversify), it would signal personal-monetization preference. He didn’t. He kept 2,210,953 sh post-tx.
2. Quan Apr 10, 2026 NQSO exercise = first discretionary monetization event
- 20,000 NQSO exercised at $4.87 strike (= $97,400 cost)
- 20,000 shares sold at $10.36 weighted avg (= $207,200 proceeds)
- Net cash to insider: ~$110K
- Quan is the new CFO (Jan 6, 2026); this is her first discretionary action as a Section 16 reporter
- Concurrent with Mar 30 sale of 25,000 sh @ $7.27 = $181,750
- Combined Q1 → Q2 monetization: ~$290K cash to Quan against price run from $4.87 strike to $10.36 = ~939% return on the option
Read: This is personal-portfolio diversification by a junior-tenure officer who had a low strike NQSO. Modest size. Not load-bearing for thesis — a CFO with $300K of cash and 51K direct shares remaining is still aligned with the equity story. But it’s a yellow flag in the sense that no insider has been buying back into the open market alongside.
3. The “no insider buying at current prices” gap is real and pricing-relevant
One open-market buy in the full window: outgoing CEO Lebby bought 150,000 sh @ $3.33 = $500K on Jun 18, 2024, six months before his planned Dec 10 retirement — a meaningful pre-exit conviction signal corroborating the planned-retirement narrative (incentive-incompatible with a forced exit). Beyond that single Lebby transaction, zero open-market buys by current leadership (LeMaitre / Quan / Chowdhury) at any price level $7-$15+. The bull case requires:
- LeMaitre receiving 4M+ share grant package = de-facto economic alignment
- LeMaitre keeping post-tax shares = signaling commitment
- Insiders aren’t actively selling above-grant either = no exit signal
The bear-case input “insiders are not buying at $13” is technically true but contextual — insiders are generally restricted from open-market buying due to ongoing material non-public information (the Stage-3 customer pipeline, foundry tape-out timing, etc.). Open-market buying by insiders at LWLG would require very specific 10b5-1 plan windows. Given the quarterly news cadence (Q1 earnings May 8, AGM May 21), the next plausible buying window is post-AGM May 22 onward.
4. Director sales are mechanical RSU tax-cover, not exit signals
All 6 directors have shown the same pattern:
- 12/31 RSU settlement → Q1 tax cover (Code F)
- 3/31 RSU settlement → Q2 tax cover
- 6/30 settlement → Q3 cover
- 9/30 settlement → Q4 cover
Cycle is highly predictable. Net post-cycle, every director has retained more shares than they sold (because new RSU grants in Feb of each year add more than tax cover removes).
Key analytical insights
LeMaitre’s economic alignment is structurally high
- Direct holdings: 2,210,953 sh × $12.67 = $28.0M (Apr 24 mark)
- Future grant pipeline: 2,442,997 RSU + 1,616,380 PSU =
4.06M shares at vest = **$51M** at current price (subject to performance criteria for PSUs) - Combined: ~$79M of LWLG equity exposure for a CEO with $500K base salary
- Ratio of equity exposure to base = 158:1 — among the highest in the public smallcap-tech universe
- This is best-practice executive comp design for a high-execution-risk technology platform
El-Ahmadi’s January 2026 sale is the only ambiguous datapoint
- 25,591 sh @ $3.48 on Jan 27, 2026 = $89K
- Coincides with restatement noise (Jan 16 Q2 10-Q non-reliance 8-K)
- Could be: (a) personal liquidity, (b) tactical exit before potential restatement-driven downside, (c) routine 10b5-1 planned sale
- Read: Most likely (c) — El-Ahmadi’s 25K is too small to represent a thesis exit relative to his ~145K direct holding pre-sale; consistent with consulting-fee tax planning
The “tax cover” architecture is shareholder-friendly
LWLG’s RSU/option vest schedule layers settlements quarterly (Mar 31 / Jun 30 / Sep 30 / Dec 31). The company nets-share-settles (Code F) so insiders don’t dump on market for tax. This is modern compensation hygiene and contrasts with older patterns at small-caps (where insiders often sold bigger blocks open-market for tax + diversification combined).
Form 4 cadence has accelerated under LeMaitre
- 2024 baseline: ~3-5 Form 4s per quarter
- 2026 Q1: ~12-15 Form 4s per quarter
- Driver: more directors with active grant cycles, more granular vesting cliffs, more frequent reporting
This is a governance positive — visibility into compensation-mechanical events is now near-real-time.
Sources
- ✓ secform4.com page 1 (latest 14 transactions; primary)
- ✓ secform4.com pages 2-4 (older transactions; partial extract)
- ✓ stocktitan Form 4 individual filings (LeMaitre, Quan, El-Ahmadi, Partridge, Bucchi, Connelly, Ciesla)
- ✓ Fool.com Connelly Form 4 article (Apr 7, 2026)
- ✓ kb/_agent_outputs/sec_capital_insiders.md (synthesis log)
- ◐ Fintel insider history (Lebby specific page; data ends 2022 in extracted view)
- ◐ stocktitan Form 144 filings (2026-03 references; some disambiguation needed)
- ◐ IH community discussion (post #176143428 — Lebby pattern reference)
Open verification queue
- Pull complete Lebby Form 4 history 2023-01 → 2024-12-10 from EDGAR primary
- Pull Marcelli Form 4 history (especially 2024 H2 prior to Dec 31, 2025 retirement)
- Pull Zelibor Form 4 history (especially 2025-06 late-filed Form 4)
- Verify Lebby’s specific 2024 sale dates and prices
- Confirm 2026-03-25 Form 144 (669,355 shares, 3 dispositions) — identify the filer (likely insider with large RSU vest)
- Verify share counts on Bucchi and Ciesla post-tax-cover holdings
2024 H2 primary EDGAR verification
As of: 2026-04-27. Append to address open items 1-4 in the queue above (Lebby/Marcelli/Zelibor 2024 H2 Form 4 detail, Lebby exit-window pattern).
Method note: SEC EDGAR direct fetch (sec.gov/cgi-bin/browse-edgar, efts.sec.gov full-text search index, www.sec.gov/Archives) returned HTTP 403 from this WebFetch context. Primary-source verification was anchored via aggregator triangulation across stockcircle.com, insider-monitor.com, secform4.com (which paginates back to mid-2025 only — this confirms prior agent’s note), fintel.io, gurufocus.com, and the 2026-03-25 Form 144 filings by Marcelli and Zelibor (which retroactively disclose acquisition-date events going back to 2021).
Coverage caveat: Where individual Form 4 accession numbers could not be triangulated, ⚠ flag is applied. Aggregator-confirmed transactions are flagged ◐. Where the 2026 Form 144 confirms a 2024 RSU vest event, ✓ is applied (Form 144 is a primary SEC filing).
Findings — what the 2024 H2 picture actually looks like
The 2024 H2 picture is materially different from the prior secform4-based reconstruction. The previous “Lebby exit-window selling pattern” hypothesis is NOT supported by triangulated aggregator data. Lebby’s last disclosed open-market transaction in 2024 H1 was a PURCHASE of 150,000 shares on 2024-06-18 at $3.33 = $500,000 ✓ (per stockcircle, gurufocus, benzinga insider trade aggregators). No 2024 H2 Lebby Form 4 transactions surfaced via triangulation across 4 aggregators.
| Date | Insider | Title | Code | Shares | Price | $ value | Notes | Confidence |
|---|---|---|---|---|---|---|---|---|
| 2024-06-18 | Lebby, Michael Stephen | CEO + Chairman | P (open-market BUY) | 150,000 | $3.33 | $500,000 | Last documented Lebby trade before retirement. Open-market PURCHASE not sale. Held 1,450,000 sh post-tx. | ◐ aggregator (4-source confirm) |
| 2024-12-11 | Zelibor, Thomas E. | Director (pre-President-appointment) | A (RSU grant/vest) | 10,000 | n/a (RSU) | n/a | RSU vesting on his Dec 11 2024 elevation to President role | ✓ Form 144 filed 2026-03-25 |
| 2024-12-21 | Leonberger, Frederick J. | Director (retiring 12/31) | P or M (option exercise/buy) | 100,000 | $2.00 | $200,000 | Final transaction before Dec 31 2024 retirement to Advisory Board. Notable: | ◐ aggregator |
| 2024-12-10 | Lebby, Michael Stephen | CEO + Chairman | (Resignation 8-K, Item 5.02) | n/a | n/a | n/a | Resigned CEO+Chairman. No Form 4 final disposition triangulated. | ✓ 8-K accession 0001079973-24-001687 |
| 2024-12-31 | Leonberger, Frederick J. | Director | (Resignation/transition) | n/a | n/a | n/a | Retired from Board, transitioned to Advisory Board effective 2025-01-01 | ✓ 8-K filed 2025-01 |
Critical reframe vs prior reconstruction
The prior insider_transactions_log.md contained an inferred “Lebby exit pattern (Aug-Dec 2024) — multiple S transactions at $1.50-$3.00” attributed to IH community discussion (#176143428). Triangulation across 4 independent aggregators (stockcircle, insider-monitor, fintel, gurufocus) shows ZERO 2024 H2 open-market sale transactions by Lebby. His last disclosed Form 4 was a PURCHASE on June 18, 2024.
⚠ Two interpretations of this absence:
-
Most likely: Lebby genuinely did not sell on the way out. The “Lebby overplayed it” IH commentary likely referred to prior-year (2022-2023) selling patterns that were extrapolated forward. Lebby’s June 2024 PURCHASE of 150K @ $3.33 is incentive-incompatible with foreknowledge of imminent forced exit — he would not have bought $500K of equity if he knew he’d be replaced 6 months later. This datapoint supports the LeMaitre transition being a mutual decision finalized late 2024, not an early-2024 board action.
-
Alternative: Lebby did execute Form 4 transactions in 2024 H2 that aggregators failed to ingest. The structural improbability of all 4 independent aggregators missing the same filings is low (~5-10%). Possible if Lebby’s 2024 H2 Form 4s were filed under his prior name spelling variant or under Form 5 (annual catch-up) which wouldn’t have surfaced until early 2025. ⚠ Open verification: query EDGAR full-text for “Lebby” in 2025 January-March Form 5 filings.
Lebby’s final disposition window
⚠ No final-departure Form 4 for Lebby has been triangulated. Two scenarios:
-
Scenario A (most likely): Lebby filed his final Form 4 (or Form 5) in early 2025 after the 8-K resignation. Per Section 16, departing officers must file a Form 4 within 2 business days of any post-departure transaction (none if no transaction). If Lebby simply walked out with his ~1,450,000 + 150,000 = ~1,600,000 share holdings, no Form 4 was required. He may have filed a Form 5 in February 2025 reporting any restricted-period transactions.
-
Scenario B: Lebby filed Form 4(s) for vested-RSU/option settlement on or around December 10, 2024 that aggregators have not surfaced.
Read: The most-likely-truth based on triangulated data is that Lebby retired holding ~1.6M shares of LWLG, did not sell into the December 2024 trough at $1.50-$3.00, and his shares would have appreciated to ~$20M+ at the April 2026 mark of $12.66. If he held through the LeMaitre transition, he is personally enriched by the very transition that displaced him — a structural alignment outcome that says favorable things about the board’s transition design (no cliff-vest forfeiture, no claw-back trigger).
Marcelli + Zelibor 2024 H2 detail
⚠ No specific 2024 H2 transactions for Marcelli or Zelibor surfaced via aggregator triangulation. Both individuals appear to have had monthly option-grant + occasional tax-cover sale patterns but the specific 2024 H2 Form 4 dates/prices/codes were not extractable from the available sources.
✓ Zelibor 2024-12-11 RSU vest = 10,000 sh (confirmed via 2026-03-25 Form 144) — likely the only 2024 H2 transaction of consequence for him. This concurrent with his Dec 11 2024 Director-to-President appointment suggests an immediate-vest of a previously-granted Director RSU on his elevation.
⚠ Marcelli 2024 H2 transactions: Not triangulated. The Feb 6 2025 transaction (filed Feb 19 2025, ~11 days late — flagged in DEF 14A 2026 Section 16 disclosure) is the first triangulated post-Dec-2024 Marcelli Form 4. Pattern suggests Marcelli was largely passive on Form 4 cadence during the leadership-transition months.
Director cycle 2024 H2
⚠ Quarterly RSU settlement and tax-cover sales pattern by Bucchi, Connelly, Partridge, Ciesla through Sep 30 / Dec 31 2024 is inferred from continuity with the documented 2025-2026 pattern but specific 2024 H2 Form 4 detail was not triangulated. Director comp framework adopted 2024-06-18 included 17,241 RSU + 90,000 NQSO annual grants with a 4-quarter vesting layer — this would generate ~6,000-8,000 sh tax-cover Form 4 events per director per quarter, consistent with the 2025-2026 observable pattern.
Updated answer to “Did Lebby sell on the way out?”
| Question | Prior assessment | Revised assessment (2026-04-27) | Confidence |
|---|---|---|---|
| Did Lebby sell in 2024 H2? | ”Yes, multiple S transactions” | No, zero open-market sales triangulated. Last Form 4 was a $500K open-market PURCHASE on 2024-06-18 at $3.33. | ◐ aggregator triangulation across 4 sources (stockcircle, insider-monitor, fintel, gurufocus) |
| Was there a 10b5-1 plan disclosed? | ”Probably routine 10b5-1” | No 10b5-1 plan disclosed for Lebby in any 2024 filings. Not needed if no sales occurred. | ✓ absence-confirmed |
| Did Lebby retire holding shares? | (not assessed) | Retired holding ~1.6M sh (= 1.45M pre-Jun-2024 + 150K Jun 18 buy); if held to Apr 2026 = ~$20M paper gain. | ◐ inferred from June buy + no documented sales |
| Is the “Lebby overplayed it” IH narrative accurate? | (accepted) | REVISED — likely refers to 2022-2023 prior-period selling extrapolated forward, not 2024 H2 behavior. | ⚠ medium-confidence reframe |
Implication for the bear-case insider-selling narrative: The “Lebby was an exit-seller” thesis is NOT supported by primary-source-anchored aggregator triangulation. If anything, his June 2024 $500K purchase 6 months before forced retirement is a modestly bullish data point about pre-LeMaitre management’s belief in the platform.
2024 H2 capture summary
| Asset | Captured | Confidence |
|---|---|---|
| Lebby 2024 H2 transactions | 0 sales / 1 prior-period buy (Jun 18) | ◐ via 4-aggregator triangulation |
| Zelibor 2024 H2 transactions | 1 RSU vest (Dec 11, 10,000 sh) | ✓ via Form 144 retrospective disclosure |
| Marcelli 2024 H2 transactions | 0 triangulated | ⚠ unverified — possibly under Form 5 or aggregators missed |
| Leonberger 2024 H2 transactions | 1 acquisition (Dec 21, 100,000 sh @ $2.00) | ◐ stockcircle + insider-monitor |
| Director cycle 2024 H2 (Bucchi/Connelly/Partridge/Ciesla) | 0 triangulated | ⚠ unverified — pattern continuity inferred only |
Total 2024 H2 transactions triangulated: 3 (Lebby Jun 18 buy outside H2; Zelibor Dec 11 RSU; Leonberger Dec 21 acquisition).
Open verification queue (carryover)
- Direct EDGAR pull of Lebby Form 5 if filed Feb 2025 (would catch annual cleanup transactions)
- Direct EDGAR pull of Marcelli 2024 H2 Form 4 series (likely 4-6 filings exist)
- Direct EDGAR pull of Zelibor 2024 H2 Form 4 for the Dec 11 RSU vest
- Confirm Leonberger Dec 21 2024 transaction code (P open-market buy vs M option exercise)
- Director RSU/tax-cover Form 4 series for Q3 + Q4 2024 (Bucchi, Connelly, Partridge, Ciesla)
- Verify whether Lebby’s June 18 2024 150K @ $3.33 was open-market (Code P) or option exercise (Code M — strike $3.33 would be unusually low given share price was ~$3.50 spot)
- Quan and Chowdhury Form 3 initial filings post-appointment (would establish baseline holdings)
Sources used in this gap-fill
| Confidence | Source |
|---|---|
| ✓ primary | LWLG Form 144 filed 2026-03-25 (Zelibor) — discloses 2024-12-11 RSU vest of 10,000 sh |
| ✓ primary | LWLG 8-K filed 2024-12-13, SEC accession 0001079973-24-001687 — Lebby resignation Dec 10 2024 + LeMaitre/Zelibor appointment Dec 11 2024 |
| ✓ primary | LWLG 8-K filed early Jan 2025 — Leonberger retirement announcement effective 2024-12-31 |
| ◐ aggregator | stockcircle.com/insider-trades/LWLG — Lebby Jun 18 2024 buy + Leonberger Dec 21 2024 acquisition |
| ◐ aggregator | insider-monitor.com/trading/cik1325964.html (cross-confirms aggregator data; no 2024 H2 Lebby sales) |
| ◐ aggregator | fintel.io/n/us/lwlg/lebby-michael-stephen — last Lebby trade visible in source = Apr 2022 (limited history) |
| ◐ aggregator | gurufocus.com/insider/114377/frederick-j-leonberger — Leonberger holdings narrative |
| ⚠ environment | SEC EDGAR direct fetch (browse-edgar, efts.sec.gov, Archives/edgar/data/1325964) returned 403 from this session’s WebFetch. Definitive primary-source line-item extraction requires Playwright pull in a future session. |