[Form 4] Establishment Labs Holdings Inc. Insider Trading Activity

Rhea-AI Filing Summary

SmartStop Self Storage REIT (NYSE: SMA) filed an 8-K announcing two board changes. Director Paula Mathews retired effective 30 June 2025; there were no disagreements cited. The Compensation Committee accelerated vesting of 12,412 LTIP units for Mathews, valued at approximately $450,000 based on the 30 June share price, creating a one-time, non-cash equity compensation expense.

On 1 July 2025 the Nominating & Corporate Governance Committee recommended, and the Board approved, the appointment of Lora Gotcheva as an independent director effective 10 July 2025. Gotcheva brings 25 years of real-estate investment experience, most recently as Managing Director at CPP Investments, and will join the Audit and Compensation Committees.

Gotcheva will receive:

• Board cash retainer: $65,000 (prorated)
• Audit Committee retainer: $10,000 (prorated)
• Compensation Committee retainer: $7,500 (prorated)
• Initial equity award: $100,000, vesting after one year

The filing is limited to governance changes; it contains no operational or earnings data.

Positive

• Addition of experienced independent director with extensive real-estate investment background enhances board expertise and committee oversight.
• No disagreements cited in the outgoing director’s resignation, indicating stable governance environment.

Negative

• $450,000 accelerated vesting of LTIP units introduces a small incremental equity compensation expense and potential minor dilution.

Insights

Corporate Governance Expert

TL;DR: Routine board refresh; adds seasoned REIT investor, no red flags, minor one-time equity expense.

Mathews’ retirement follows normal succession planning and is explicitly unconnected to policy disagreements, reducing risk of underlying disputes. Accelerated vesting is permissible under the 2022 LTIP but creates a modest dilution/expense of roughly $450k—immaterial to SmartStop’s equity base. Appointment of Gotcheva strengthens board independence and deepens real-estate capital markets expertise, particularly valuable for a storage REIT pursuing external growth. Committee assignments align with her background, bolstering audit oversight. Overall effect on governance quality is modestly positive; financial impact negligible.

Portfolio Manager

TL;DR: Governance reshuffle unlikely to move the stock; watch for strategic shifts from new director’s CPP experience.

Director turnover is commonplace and doesn’t alter cash flow. Gotcheva’s 25-year record in global real-estate deals could signal an appetite for more joint ventures or cross-border partnerships, but such strategic implications remain speculative until disclosed. The $450k accelerated vesting is a rounding error versus SmartStop’s market cap. Net effect on valuation: neutral. I classify the event as not impactful for position sizing or price targets, yet note the potential for strategic optionality given Gotcheva’s infrastructure and REIT background.

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^*

JW Asset Management, LLC

(Last) (First) (Middle)

1051 N. VENETIAN DRIVE

(Street)

MIAMI BEACH FL 33139

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ESTABLISHMENT LABS HOLDINGS INC. [ ESTA ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/03/2025

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

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

	Form filed by One Reporting Person
X	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

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
Right to Buy	$47.5	07/03/2025		S	V		15	07/03/2025	08/15/2025	15 calls representing 1,500 shares of common stock	1,500	$3.3	0(2)	I	See Footnote(1)

1. Name and Address of Reporting Person^*

JW Asset Management, LLC

(Last) (First) (Middle)

1051 N. VENETIAN DRIVE

(Street)

MIAMI BEACH FL 33139

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

JW Partners, LP

(Last) (First) (Middle)

1051 N. VENETIAN DRIVE

(Street)

MIAMI BEACH FL 33139

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

JW Opportunities Fund, LLC

(Last) (First) (Middle)

1051 N. VENETIAN DRIVE

(Street)

MIAMI BEACH FL 33139

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

JW GP, LLC

(Last) (First) (Middle)

1051 N. VENETIAN DRIVE

(Street)

MIAMI BEACH FL 33139

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Wild Jason G.

(Last) (First) (Middle)

1051 N. VENETIAN DRIVE

(Street)

MIAMI BEACH FL 33139

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. This Form 4 is being filed by JW Asset Management, LLC (the "Advisor") on behalf of itself and JW Partners, LP ("JWP"), JW Opportunities Fund, LLC ("JWO"), JW GP, LLC (the "General Partner"), and Jason G. Wild ("Wild" and, together with the Advisor, JWP, JWO, and the General Partner, the "Reporting Persons"). The Advisor serves as the investment advisor of JWP and JWO. The General Partner serves as general partner to JWP and the manager of JWO. Wild is the managing member of the Advisor and the General Partner.

2. Reflects the writing and sale of 15 call options.

Remarks:

Exhibit 99 - Information Regarding Joint Filers.

	JW Asset Management, LLC /s/ Jason Klarreich, Attorney-In-Fact	07/07/2025
	** 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.

FAQ

Why did Paula Mathews resign from SmartStop Self Storage REIT's board?

Mathews retired voluntarily on 30 June 2025 and cited no disagreements with the company.

What is the financial impact of Mathews’ accelerated LTIP vesting?

12,412 units vested, carrying a $450,000 fair value based on 30 June 2025 closing price.

Who is the new independent director at SmartStop Self Storage REIT?

Lora Gotcheva, former Managing Director at CPP Investments, joins the board on 10 July 2025.

What compensation will Lora Gotcheva receive as a director of SMA?

Annualized cash retainers total $82,500 (prorated), plus an initial $100,000 equity award vesting in one year.

Will these board changes affect SmartStop’s stock symbol or listing?

No. The company continues to trade on the NYSE under ticker SMA; listing details remain unchanged.

Does the 8-K include any earnings or operational updates?

No, the filing is limited to board composition and compensation; it contains no financial performance data.