Reformation CEO reports major stock and option grants
Reformation Inc. director, CEO and President Hali Borenstein reported multiple equity transactions.
Rhea-AI Filing Summary
Reformation Inc. director, CEO and President Hali Borenstein reported multiple equity transactions. On July 29, 2026, she received equity awards covering 300,000 PSUs and 833,332 RSUs, plus a grant of 294,155 stock options with a $15.00 exercise price expiring in 2036. The same day, fully vested options over 538,410 shares and, on July 31, 170,876 common shares were disposed of to the issuer at $13.95 in a synthetic secondary transaction connected to the company’s IPO. She also reports indirect holdings of 61,075 shares held by Borenstein Irrevocable Trust, for which she disclaims beneficial ownership beyond her pecuniary interest.
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Insights
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Insider Trade Summary
7 transactions reported
Mixed
7 txns
Insider
Borenstein Hali
Role
CEO and President
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Common Stock F4, F5 | 170,876 | $13.95 | $2.38M |
| Grant/Award | Stock Option (right to buy) F7 | 294,155 | $0.00 | $0.00 |
| Disposition | Stock Option (right to buy) F4, F8 | 538,410 | $13.95 | $7.51M |
| Grant/Award | Common Stock F1 | 300,000 | $0.00 | $0.00 |
| Grant/Award | Common Stock F2 | 666,666 | $0.00 | $0.00 |
| Grant/Award | Common Stock F3 | 166,666 | $0.00 | $0.00 |
| holding | Common Stock F6 | -- | -- | -- |
Holdings After Transaction:
Stock Option (right to buy) — 1,689,923 contracts (Direct);
Common Stock — 1,133,332 shares (Direct);
Common Stock — 61,075 shares (Indirect, By Borenstein Irrevocable Trust)
Footnotes (8)
- F1. Represents a grant of performance-based restricted stock units ("PSUs"), which vest subject to the achievement of certain pre-determined stock price targets and satisfaction of a service-based vesting condition. The PSUs are awarded at a target level and have the opportunity to vest at 200% of such target level. Each PSU represents a contingent right to receive one share of common stock.
- F2. Represents a grant of restricted stock units ("RSUs"), which vest in two equal annual installments in each of the first and second anniversaries of the grant date, subject to the reporting person's continued employment with the Issuer through the applicable vesting date. Each RSU represents a contingent right to receive one share of common stock.
- F3. Represents a grant of RSUs, which vest in three equal annual installments in each of the first, second and third anniversaries of the grant date, subject to the reporting person's continued employment with the Issuer through the applicable vesting date.
- F4. Represents securities purchased by the Issuer in a synthetic secondary transaction in connection with the Issuer's initial public offering.
- F5. Consists of 300,000 shares of common stock underlying PSUs and 833,332 shares of common stock underlying RSUs.
- F6. These shares are held by Borenstein Irrevocable Trust, of which the reporting person has the power to replace the trustee. The reporting person disclaims beneficial ownership of the shares held by Borenstein Irrevocable Trust, except to the extent of her pecuniary interest therein.
- F7. One-third of the options vest on the first anniversary of the grant date, and the remainder vest in equal quarterly installments on each of the eight quarterly anniversaries of the grant date following the first anniversary of the grant date, such that the stock options will become fully vested on the third anniversary of the grant date, in each case subject to the reporting person's continued employment with the Issuer through the applicable vesting date.
- F8. These options are fully vested.
Key Figures
PSU grant: 300,000 shares
RSU grants: 833,332 shares
Stock option grant: 294,155 options at $15.00
+3 more
6 metrics
PSU grant
300,000 shares
Performance-based restricted stock units granted July 29, 2026 at target level
RSU grants
833,332 shares
Restricted stock units granted July 29, 2026 in two grants with 2- and 3-year vesting
Stock option grant
294,155 options at $15.00
Options granted July 29, 2026, expiring July 29, 2036
Option disposition to issuer
538,410 options at $13.95
Fully vested options disposed of to issuer in synthetic secondary transaction
Share disposition to issuer
170,876 shares at $13.95
Common stock disposed of to issuer July 31, 2026 in synthetic secondary tied to IPO
Indirect trust holdings
61,075 shares
Common stock held by Borenstein Irrevocable Trust with disclaimed beneficial ownership beyond pecuniary interest
Key Terms
performance-based restricted stock units, restricted stock units, synthetic secondary transaction, pecuniary interest, +1 more
5 terms
performance-based restricted stock units financial
"Represents a grant of performance-based restricted stock units ("PSUs"), which vest"
Performance-based restricted stock units are a type of employee equity award that converts into company shares only if predefined financial or operational targets are met over a set period. Think of it like a bonus check that becomes stock only when specific goals are hit; it ties pay to results, aligning managers’ incentives with shareholders. Investors care because these awards affect future share count, executive incentives, and signal how management’s success will be measured and rewarded.
restricted stock units financial
"Represents a grant of restricted stock units ("RSUs"), which vest in two equal"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
synthetic secondary transaction financial
"Represents securities purchased by the Issuer in a synthetic secondary transaction"
pecuniary interest financial
"except to the extent of her pecuniary interest therein."
exercise price financial
"conversion_or_exercise_price": "15.0000""
The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What equity awards did Reformation Inc. (REF) grant to CEO Hali Borenstein?
Reformation granted Hali Borenstein 300,000 PSUs and 833,332 RSUs on July 29, 2026. The PSUs are performance-based and can vest up to 200% of target; the RSUs vest over 2–3 years based on continued employment.
What stock options did Hali Borenstein receive according to this REF Form 4?
Hali Borenstein received 294,155 stock options on July 29, 2026, with a per-share exercise price of $15.00 and expiration on July 29, 2036. One-third vests after one year, then quarterly over the following two years.
What is the synthetic secondary transaction reported for Reformation Inc. (REF)?
The Form 4 reports that the issuer purchased 170,876 common shares at $13.95 and options over 538,410 shares at $13.95 in a synthetic secondary transaction in connection with Reformation’s initial public offering.
Are Hali Borenstein’s reported REF transactions under a Rule 10b5-1 trading plan?
The filing’s Rule 10b5-1 checkbox is not marked as affirming plan usage, and no footnote states trades were under such a plan. The transactions are reported without an associated pre-arranged trading plan.
What vesting schedules apply to Hali Borenstein’s new REF equity awards?
The PSUs vest upon achieving stock price targets and service conditions. One RSU grant vests in two equal annual installments, another in three annual installments, and the options vest one-third after one year, then quarterly through year three.
AI-generated analysis. How Rhea-AI works. Not financial advice.
