[Form 4] Universal Display Corp Insider Trading Activity

Rhea-AI Filing Summary

Herzfeld Caribbean Basin Fund (CUBA) filed a Form 4 reporting an insider transaction by director Kay W. Tatum. On 30 June 2025 the Fund paid a cash-and-stock distribution of $0.2325 per share. Ms. Tatum elected to receive stock and was issued 282 common shares valued at $2.4618 each, increasing her direct holding to 5,309 shares. The transaction was coded "J," indicating it was made pursuant to the dividend/distribution election and not an open-market purchase. No derivative securities were involved. The filing signals routine dividend reinvestment rather than an active buy, so it has limited market impact but does modestly align the director’s interests with shareholders.

Insights

Securities Analyst

TL;DR: Routine dividend reinvestment; negligible impact.

The Form 4 simply documents a stock component of the June 2025 distribution. The 282 shares represent a de-minimis addition (<1% of average daily volume) and do not reflect insider conviction or new capital at risk. Because the shares were issued automatically under the Fund’s distribution policy, the filing provides little incremental information for valuation or sentiment models. I view the event as neutral for investors.

Corporate Governance Expert

TL;DR: Governance-neutral, minor alignment benefit.

The director’s acceptance of stock over cash marginally increases equity alignment, but the scale is immaterial relative to the Fund’s float. There is no implication of strategic change, control shift, or governance concern. Compliance with Section 16 reporting appears timely and accurate, supporting transparency standards. Overall governance impact is neutral.

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
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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^*

HARTLEY C KEITH

(Last) (First) (Middle)

C/O UNIVERSAL DISPLAY CORPORATION

250 PHILLIPS BLVD.

(Street)

EWING NJ 08618

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UNIVERSAL DISPLAY CORP \PA\ [ OLED ]

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)
06/30/2025

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	06/30/2025		A		342	A	$0	83,160	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

Explanation of Responses:

	/s/ C. Keith Hartley (by Mauro Premutico as power of attorney)	07/02/2025
	** 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

How many CUBA shares did director Kay Tatum receive in the June 2025 distribution?

282 shares of common stock.

What price per share was used to calculate the stock portion of the distribution?

The price was $2.4618 per share.

What is Kay Tatum’s total direct ownership in CUBA after the transaction?

She now holds 5,309 shares directly.

Was the transaction an open-market purchase?

No. It was classified as Code J, reflecting shares received through a dividend/distribution election.

When was the dividend distribution paid?

It was paid on 30 June 2025 to shareholders of record on 23 May 2025.