Enhanced Group Inc. (APAD) CCO receives 380,106 stock options in merger

Rhea-AI Filing Summary

Enhanced Group Inc. reported that Chief Communications Officer Christopher Robert Jones received a grant of stock options linked to the company’s recent business combination. The award covers 380,106 stock options for Class A common stock at an exercise price of $1.23 per share, with no cash paid at grant.

The options were originally granted on October 29, 2025 and vest monthly over four years from a November 3, 2025 vesting start date, subject to a one-year cliff. They expire on October 29, 2035 and were issued in exchange for prior Enhanced Ltd. options under the Business Combination Agreement.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Jones Christopher Robert

Role Chief Communications Officer

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to buy)	380,106	$0.00	--

Holdings After Transaction: Stock Option (Right to buy) — 380,106 shares (Direct, null)

Footnotes (1)

1. Consists of securities acquired in connection with the transactions consummated on May 7, 2026, pursuant to that certain Business Combination Agreement, dated November 26, 2025 (the "Business Combination Agreement"), by and among A Paradise Acquisition Corp. ("A Paradise"), A Paradise Merger Sub 1 Inc. ("Merger Sub"), and Enhanced Ltd. ("Enhanced"), pursuant to which (i) Merger Sub merged with and into Enhanced, the separate corporate existence of Merger Sub ceased and Enhanced was the surviving corporation and a wholly owned subsidiary of A Paradise, (ii) Enhanced merged with and into A Paradise, the separate corporate existence of Enhanced ceased and A Paradise was the surviving corporation, and (iii) A Paradise changed its name to "Enhanced Group Inc." (the "Issuer") (the "Business Combination"). The acquisition of the Stock Options for Class A common stock, par value $0.0001, of the Issuer ("Class A common stock"), is exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") pursuant to Rule 16b-3 under the Exchange Act. This Form 4 only reports the acquisition of securities of the Reporting Person pursuant to the Business Combination Agreement and does not reflect the purchase of securities by the Reporting Person. The options were originally granted on October 29, 2025 and vest monthly over a four-year period measured from November 3, 2025 (the "Vesting Start Date"), subject to a one-year cliff. In connection with the closing of the Business Combination, each outstanding option to purchase Enhanced common shares, whether vested or unvested, was exchanged for a comparable option to purchase that number of shares of Class A common stock of the Issuer based on the exchange ratio as defined in the Business Combination Agreement (the "Exchange Ratio"). The exercise price for each such option was also accordingly adjusted based on the Exchange Ratio.

Key Figures

Options granted: 380,106 options Exercise price: $1.23 per share Expiration date: October 29, 2035 +3 more

6 metrics

Options granted 380,106 options Stock Option (Right to buy) for Class A common stock

Exercise price $1.23 per share Conversion or exercise price of granted options

Expiration date October 29, 2035 Option expiration date

Post-grant derivative holdings 380,106 options Total options following transaction for Christopher Robert Jones

Vesting schedule 4 years, monthly, 1-year cliff Original grant vests monthly from November 3, 2025 after cliff

Section 16(b) treatment Rule 16b-3 exempt Acquisition of options exempt from Section 16(b) under Rule 16b-3

Key Terms

Business Combination Agreement, Section 16(b), Rule 16b-3, one-year cliff, +1 more

5 terms

Business Combination Agreement financial

"pursuant to that certain Business Combination Agreement, dated November 26, 2025"

A business combination agreement is a detailed contract that lays out the terms for two companies to join together—covering price, how ownership will be split, the steps needed to close the deal, and what each side promises to do or avoid before closing. For investors it matters because the agreement determines potential changes in value, control, timing, and risk exposure—think of it like the playbook for a merger that shows who wins, who pays, and what could still derail the plan.

Section 16(b) regulatory

"is exempt from Section 16(b) of the Securities Exchange Act of 1934"

A federal rule that requires company insiders—like officers, directors and large shareholders—to return any profits made from buying and selling the company’s stock within a six-month window. It matters to investors because it discourages short-term trades that could exploit non-public information and helps protect outside shareholders by creating a simple, enforceable way to recover unfair gains, much like a rule stopping someone from flipping a limited-edition item for quick profit after getting early access.

Rule 16b-3 regulatory

"pursuant to Rule 16b-3 under the Exchange Act"

Rule 16b-3 is a Securities and Exchange Commission regulation that exempts certain routine, pre-approved transactions by company insiders from automatic liability for short-term trading profits. It acts like a safe harbor: if an insider follows a formal plan or the board approves specific transactions in advance, profits from buying and selling company stock within six months are not automatically reclaimed. Investors care because the rule clarifies when insider trades are permissible and reduces uncertainty about potential clawbacks.

one-year cliff financial

"vest monthly over a four-year period ... subject to a one-year cliff"

exchange ratio financial

"based on the exchange ratio as defined in the Business Combination Agreement"

The exchange ratio is the number used to decide how many shares of one company you get for each share you own in another company during a merger or acquisition. It’s like a recipe that tells you how to swap shares fairly, ensuring both companies’ values are balanced. This ratio matters because it determines how ownership divides between the companies' shareholders.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Jones Christopher Robert

(Last) (First) (Middle)

C/O ENHANCED GROUP INC.

169 MADISON AVENUE, SUITE 15101

(Street)

NEW YORK NEW YORK 10016

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Enhanced Group Inc. [ ENHA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Communications Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to buy)	$1.23	05/07/2026		A(1)(2)		380,106		(3)	10/29/2035	Class A common stock	380,106	(4)	380,106	D

Explanation of Responses:

1. Consists of securities acquired in connection with the transactions consummated on May 7, 2026, pursuant to that certain Business Combination Agreement, dated November 26, 2025 (the "Business Combination Agreement"), by and among A Paradise Acquisition Corp. ("A Paradise"), A Paradise Merger Sub 1 Inc. ("Merger Sub"), and Enhanced Ltd. ("Enhanced"), pursuant to which (i) Merger Sub merged with and into Enhanced, the separate corporate existence of Merger Sub ceased and Enhanced was the surviving corporation and a wholly owned subsidiary of A Paradise, (ii) Enhanced merged with and into A Paradise, the separate corporate existence of Enhanced ceased and A Paradise was the surviving corporation, and (iii) A Paradise changed its name to "Enhanced Group Inc." (the "Issuer") (the "Business Combination").

2. The acquisition of the Stock Options for Class A common stock, par value $0.0001, of the Issuer ("Class A common stock"), is exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") pursuant to Rule 16b-3 under the Exchange Act. This Form 4 only reports the acquisition of securities of the Reporting Person pursuant to the Business Combination Agreement and does not reflect the purchase of securities by the Reporting Person.

3. The options were originally granted on October 29, 2025 and vest monthly over a four-year period measured from November 3, 2025 (the "Vesting Start Date"), subject to a one-year cliff.

4. In connection with the closing of the Business Combination, each outstanding option to purchase Enhanced common shares, whether vested or unvested, was exchanged for a comparable option to purchase that number of shares of Class A common stock of the Issuer based on the exchange ratio as defined in the Business Combination Agreement (the "Exchange Ratio"). The exercise price for each such option was also accordingly adjusted based on the Exchange Ratio.

Remarks:

	/s/ Emily Tabak, attorney-in-fact for Mr. Jones	05/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Enhanced Group Inc. (APAD) report in this Form 4?

Enhanced Group Inc. reported a grant of 380,106 stock options to Chief Communications Officer Christopher Robert Jones. These options relate to Class A common stock and were issued in connection with the company’s completed business combination, replacing prior Enhanced Ltd. options under the Business Combination Agreement.

What is the exercise price and expiration date of the ENHA options granted to Christopher Jones?

The stock options granted to Christopher Jones have an exercise price of $1.23 per share and expire on October 29, 2035. This means he can buy Class A common stock at $1.23 any time before that expiration date, subject to the vesting schedule.

How do the Enhanced Group Inc. (APAD) options granted to Christopher Jones vest?

The options were originally granted on October 29, 2025 and vest monthly over a four-year period starting from November 3, 2025, with a one-year cliff. No portion vests until the first year completes, after which monthly vesting continues.

Was the ENHA Form 4 option grant a market purchase by Christopher Jones?

No, the filing states the acquisition of stock options is exempt under Rule 16b-3 and “does not reflect the purchase of securities.” The options were received as part of the Business Combination Agreement, exchanging prior Enhanced Ltd. options for options in Enhanced Group Inc.

How is the Enhanced Group Inc. business combination related to this Form 4 grant?

The Form 4 explains that the 380,106 stock options were acquired in connection with the Business Combination Agreement among A Paradise Acquisition Corp., its merger subsidiary, and Enhanced Ltd. Existing Enhanced options were exchanged for comparable options in Enhanced Group Inc. using a defined exchange ratio.