Birchtech Corp. (BCHT) director nets 94,786 shares via option exercise

Rhea-AI Filing Summary

Birchtech Corp. director David M. Kaye reported exercising stock options for 250,000 shares of common stock on 12/12/2025. The options had an exercise price of $0.58 per share. The transaction was structured as a cashless exercise, where 155,214 shares were withheld by the company at a VWAP of $0.9342 per share to pay the exercise cost, resulting in 94,786 net shares of common stock being issued to him.

After these transactions, Kaye directly beneficially owned 370,142 shares of Birchtech common stock, and the underlying stock option for 250,000 shares was fully exercised, leaving no derivative securities beneficially owned.

Insider Trade Summary

Net Buyer: 94,786 shares

Net Buy 3 txns

Insider Kaye David M

Role Director

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	250,000	$0.00	$0.00
Exercise	Common Stock	250,000	$0.58	$145K
Exercise Price or Tax Liability	Common Stock	155,214	$0.9342	$145K

Holdings After Transaction: Stock Option (Right to Buy) — 0 shares (Direct); Common Stock — 370,142 shares (Direct)

Footnotes (1)

1. F1. Reflects shares of the Issuer's common stock acquired by the Reporting Person through the cashless exercise of an option to acquire 250,000 shares of common stock, pursuant to which 155,214 shares were withheld by the Issuer with a VWAP of $0.9342 per share to pay the exercise price of $0.58 per share, resulting in 94,786 shares of common stock being issued to the Reporting Person on a net basis.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 12/15/2025 - 09:32 PM Learn about SEC filing dates

FAQ

What insider transaction did Birchtech Corp. (BCHT) report in this Form 4?

The report shows that director David M. Kaye exercised a stock option for 250,000 shares of Birchtech Corp. common stock on 12/12/2025.

At what prices were the Birchtech (BCHT) option exercise and share withholding done?

The stock option had an exercise price of $0.58 per share, and 155,214 shares were withheld by the issuer at a VWAP of $0.9342 per share to pay the exercise cost.

How many Birchtech (BCHT) shares did the director receive net from the cashless exercise?

After withholding shares to cover the exercise price, 94,786 shares of common stock were issued to director David M. Kaye on a net basis.

How many Birchtech (BCHT) shares does the reporting person own after this transaction?

Following the reported transactions, David M. Kaye directly beneficially owned 370,142 shares of Birchtech Corp. common stock.

Does the Birchtech (BCHT) director still hold the underlying stock option after this Form 4 transaction?

No. The stock option for 250,000 shares was fully exercised, and the report shows 0 derivative securities beneficially owned afterward.

What does “cashless exercise” mean in the context of this Birchtech (BCHT) Form 4?

In this case, “cashless exercise” means the issuer withheld 155,214 shares at a stated VWAP to pay the $0.58 per share exercise price, so the director received 94,786 net shares instead of paying cash.

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^*

Kaye David M

(Last) (First) (Middle)

639 KNOLLWOOD TERRACE

(Street)

WESTFIELD NJ 07090

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Birchtech Corp. [ BCHT ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

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

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

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

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
Common Stock	12/12/2025		M		250,000(1)	A	$0.58	525,356	D
Common Stock	12/12/2025		F		155,214(1)	D	$0.9342	370,142	D

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)	$0.58	12/12/2025		M			250,000	12/14/2020	12/14/2025	Common Stock	250,000	$0	0	D

Explanation of Responses:

1. Reflects shares of the Issuer's common stock acquired by the Reporting Person through the cashless exercise of an option to acquire 250,000 shares of common stock, pursuant to which 155,214 shares were withheld by the Issuer with a VWAP of $0.9342 per share to pay the exercise price of $0.58 per share, resulting in 94,786 shares of common stock being issued to the Reporting Person on a net basis.

	/s/ David M. Kaye	12/15/2025
	** 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.