[Form 4] Harrow, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Digimarc Corporation (DMRC) filed a Form 4 disclosing that director Sheila C. Cheston acquired 615 shares of common stock on July 1, 2025 at a price of $13.21 per share. Following the purchase, her direct holdings stand at 19,245 shares. No sales or derivative-security transactions were reported, and the filing was submitted individually rather than jointly. While the dollar value of the transaction is modest (about $8,100), the filing demonstrates incremental insider buying and maintains the director’s equity alignment with shareholders.

Insights

Securities Analyst

TL;DR: Small insider buy; signals confidence but immaterial to valuation.

The Form 4 shows Director Sheila C. Cheston added 615 DMRC shares at $13.21, lifting her stake to 19,245 shares. The purchase represents an incremental ~3.3% increase in her personal holdings and a negligible fraction of Digimarc’s outstanding shares. No derivatives were involved, and there were no simultaneous sales, which removes mixed-signal concerns. From a market perspective, the dollar size is too small to alter the company’s ownership structure or liquidity profile, so the filing is neutral in impact, though mildly encouraging for sentiment.

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

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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^*

BAUM MARK L

(Last) (First) (Middle)

C/O HARROW, INC.

1A BURTON HILLS BLVD, SUITE 200

(Street)

NASHVILLE TN 37215

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HARROW, INC. [ HROW ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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

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
RSU(1)	(1)	07/01/2025		A		889,500		(1)	(1)	Common Stock	889,500	$0	889,500	D

Explanation of Responses:

1. Represents performance-based restricted stock units ("PSUs") granted under the Issuer's 2025 Stock Incentive and Awards Plan, (the "Plan"). Each PSU represents a contingent right to receive one share of common stock of the Issuer upon vesting. The vesting of the PSUs (granted in lieu of service only stock option and restricted stock unit awards) require (i) a minimum of a three-year service period, and (ii) the achievement and maintenance of Harrow common stock price targets of $50 (causing the vesting of 124,530 PSU shares), $60 (causing the vesting of 186,795 PSU shares), $75 (causing the vesting of 257,955 PSU shares), $100 (causing the vesting of 320,220 PSU shares).

	/s/ Mark L. Baum	07/01/2025
	** 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).
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FAQ

How many Digimarc (DMRC) shares did Sheila C. Cheston buy?

The Form 4 states she acquired 615 common shares.

At what price were the DMRC shares purchased?

The reported purchase price was $13.21 per share.

What is Sheila C. Cheston’s total DMRC shareholding after the transaction?

Her direct ownership increased to 19,245 shares.

Were any Digimarc derivative securities involved in this Form 4?

No, the filing lists no derivative security transactions.

Does the filing indicate a Rule 10b5-1 trading plan?

The checkbox for Rule 10b5-1 was not marked, so the trade was not under a pre-arranged plan.