Hercules Capital (HCXY) director gets 3,873-share restricted stock award

Q: Is Robert Badavas’ Form 4 transaction in HCXY a market purchase or a compensation grant?

The Form 4 shows a compensation-related grant , not a market purchase. Code A identifies the 3,873 shares as a restricted stock award issued automatically upon re-election to the board under the 2026 Non-Employee Director Plan.

Q: How many Hercules Capital shares does Robert Badavas hold after this Form 4 filing?

After the reported grant, Robert P. Badavas directly holds 8,943 shares of Hercules Capital common stock. A separate trust, the Robert P. Badavas Trust of 2007, holds 122,073 shares indirectly, as disclosed in the holding entry and footnote.

Q: What are the vesting terms of Robert Badavas’ new restricted stock award in HCXY?

The 3,873 restricted shares are subject to forfeiture and vest over three years. One-third of the award vests on each anniversary of the grant date, creating a three-year vesting schedule tied to continued service.

Q: How is the Robert P. Badavas Trust of 2007 involved in this Hercules Capital Form 4?

The Form 4 discloses 122,073 shares of Hercules Capital common stock held by the Robert P. Badavas Trust of 2007. These are reported as indirect ownership, labeled "By Trust" in the filing’s ownership information and footnote.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BADAVAS ROBERT P reported acquisition or exercise transactions in this Form 4 filing.

Hercules Capital director Robert P. Badavas reported updated holdings and a new share grant. He received 3,873 shares of common stock as a restricted stock award at $15.49 per share, issued automatically upon his re-election to the board under the 2026 Non-Employee Director Plan. Following this grant, he directly holds 8,943 shares, and a trust identified as the Robert P. Badavas Trust of 2007 holds 122,073 shares indirectly. The restricted stock is subject to forfeiture, with one-third vesting on each anniversary of the grant over three years.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider BADAVAS ROBERT P

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	3,873	$15.49	$60K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 8,943 shares (Direct, null); Common Stock — 122,073 shares (Indirect, By Trust)

Footnotes (1)

Held by the Robert P. Badavas Trust of 2007 Restricted Stock issued as an automatic grant upon re-election to the board of directors pursuant to the 2026 Non-Employee Director Plan and subject to forfeiture restrictions. One-third vests on the anniversary of the grant over three years.

Key Figures

Restricted stock grant: 3,873 shares Grant price: $15.49 per share Direct holdings after grant: 8,943 shares +2 more

5 metrics

Restricted stock grant 3,873 shares Automatic award upon re-election to board

Grant price $15.49 per share Restricted stock issuance price

Direct holdings after grant 8,943 shares Common stock held directly post-transaction

Indirect trust holdings 122,073 shares Held by Robert P. Badavas Trust of 2007

Vesting schedule One-third per year over 3 years Restricted stock vesting on each grant anniversary

Key Terms

Restricted Stock, 2026 Non-Employee Director Plan, subject to forfeiture restrictions, vests on the anniversary of the grant, +1 more

5 terms

Restricted Stock financial

"Restricted Stock issued as an automatic grant upon re-election to the board of directors"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

2026 Non-Employee Director Plan financial

"upon re-election to the board of directors pursuant to the 2026 Non-Employee Director Plan"

subject to forfeiture restrictions financial

"Restricted Stock issued ... and subject to forfeiture restrictions."

vests on the anniversary of the grant financial

"One-third vests on the anniversary of the grant over three years."

indirect ownership financial

"total_shares_following_transaction ... direct_or_indirect: "I", nature_of_ownership: "By Trust""

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/23/2026 - 11:23 AM Accepted by SEC EDGAR 06/23/2026 - 11:22 AM

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^*

BADAVAS ROBERT P

(Last)

(First)

(Middle)

C/O HERCULES CAPITAL, INC.

1 NORTH B STREET, SUITE 2000

(Street)

SAN MATEO

CALIFORNIA

94401

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Hercules Capital, Inc. [ HTGC ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								122,073	I	By Trust⁽¹⁾
Common Stock	06/18/2026		A		3,873⁽²⁾	A	$15.49	8,943	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Held by the Robert P. Badavas Trust of 2007

2. Restricted Stock issued as an automatic grant upon re-election to the board of directors pursuant to the 2026 Non-Employee Director Plan and subject to forfeiture restrictions. One-third vests on the anniversary of the grant over three years.

Remarks:

	/s /Kiersten Zaza Botelho, Attorney-in-Fact for Robert Badavas	06/23/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Hercules Capital director Robert Badavas report in this Form 4 for HCXY?

Director Robert P. Badavas reported receiving 3,873 shares of Hercules Capital common stock as a restricted stock award at $15.49 per share. The grant was automatic upon his re-election to the board under the 2026 Non-Employee Director Plan.

Is Robert Badavas’ Form 4 transaction in HCXY a market purchase or a compensation grant?

The Form 4 shows a compensation-related grant, not a market purchase. Code A identifies the 3,873 shares as a restricted stock award issued automatically upon re-election to the board under the 2026 Non-Employee Director Plan.

How many Hercules Capital shares does Robert Badavas hold after this Form 4 filing?

After the reported grant, Robert P. Badavas directly holds 8,943 shares of Hercules Capital common stock. A separate trust, the Robert P. Badavas Trust of 2007, holds 122,073 shares indirectly, as disclosed in the holding entry and footnote.

What are the vesting terms of Robert Badavas’ new restricted stock award in HCXY?

The 3,873 restricted shares are subject to forfeiture and vest over three years. One-third of the award vests on each anniversary of the grant date, creating a three-year vesting schedule tied to continued service.

How is the Robert P. Badavas Trust of 2007 involved in this Hercules Capital Form 4?

The Form 4 discloses 122,073 shares of Hercules Capital common stock held by the Robert P. Badavas Trust of 2007. These are reported as indirect ownership, labeled "By Trust" in the filing’s ownership information and footnote.