Form 4: Palatin Technologies CFO/COO Vests Equity Awards

Palatin Technologies' Executive VP and CFO/COO, Stephen T. Wills, vested a significant portion of his restricted share units and performance-based stock options on December 9, 2025, following the achievement of defined performance objectives.

Summary

• Stephen T. Wills, Executive VP and CFO/COO of Palatin Technologies Inc (PTN), reported changes in beneficial ownership of the company's securities.
• The transactions occurred on December 9, 2025, and were made pursuant to a Rule 10b5-1(c) contract, instruction, or written plan.
• Mr. Wills vested 95 restricted share units (RSUs) from a June 22, 2022 grant, 330 RSUs from a June 20, 2023 grant, and 345 RSUs from a June 4, 2024 grant, totaling 770 RSUs.
• These RSU vestings increased his direct beneficial ownership of common stock to 64,053 shares.
• Additionally, Mr. Wills vested 142 performance-based stock options from a June 22, 2022 grant (exercise price $362.5), 518 options from a June 20, 2023 grant (exercise price $109.5), and 495 options from a June 4, 2024 grant (exercise price $91.5), totaling 1,155 stock options.
• The vesting of both RSUs and stock options was contingent upon the Compensation Committee certifying 100% achievement of defined performance objectives for the 18 months ending December 31, 2025.
• The shares underlying the vested RSUs have not yet been issued but will be issued on or before the 60th day following December 9, 2025.

Sentiment

Score: 7

Explanation: The vesting of performance-based equity awards indicates that the company's Compensation Committee certified the achievement of 100% of defined performance objectives, which is a positive signal regarding company performance and executive alignment.

Positives

• The Compensation Committee certified 100% achievement of defined performance objectives, indicating strong company performance against set targets.
• The vesting of performance-based equity awards aligns executive incentives with shareholder value creation.

Future Outlook

The shares from the vested restricted share units will be issued to Stephen T. Wills on or before the 60th day following December 9, 2025.

Management Comments

• The Compensation Committee certified 100% achievement of a defined performance objective for the 18 months ending December 31, 2025, leading to the vesting of equity awards.

Industry Context

This filing reflects standard executive compensation practices within the biotechnology or pharmaceutical industry, where performance-based equity awards are common to incentivize long-term value creation and align executive interests with shareholder returns. The achievement of performance targets for vesting is a positive indicator of operational success within the specified period.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: The achievement of performance targets and subsequent vesting of executive equity awards can be viewed positively, signaling management's alignment with shareholder interests and successful execution against strategic goals.
• Employees (specifically Stephen T. Wills): Directly benefits from the vested equity awards, enhancing personal wealth and incentivizing continued performance.

Next Steps

• Issuance of common stock shares for the vested restricted share units on or before the 60th day following December 9, 2025.

Key Dates

Keywords

Palatin Technologies, PTN, SEC Form 4, Insider Transaction, Equity Vesting, Restricted Share Units, Stock Options, Executive Compensation, Performance-Based Awards, Stephen T. Wills