SMTK Form 4: Barbra Keck Receives 71,077-Share Option Grant

Rhea-AI Filing Summary

Insider grant and holdings summary: SmartKem CFO Barbra Keck was granted a stock option on 09/03/2025 giving the right to buy 71,077 shares of common stock at an exercise price of $1.16 per share. The option is exercisable through 09/03/2035. Following the grant, Keck beneficially owns 71,077 underlying shares, held directly. The option vests 25% at grant with the remainder vesting in equal monthly installments over 36 months beginning 09/03/2025, with monthly vesting on the 3rd.

Positive

• Time-based vesting aligns the CFO with long-term shareholder value through a 25% immediate vest and monthly vesting over 36 months
• Clear disclosure of option terms: grant date, number of shares, exercise price ($1.16), and expiration date (09/03/2035)

Negative

• Potential dilution from 71,077 shares exists but cannot be sized because total outstanding shares are not provided in this filing
• No grant-date fair value or issuer-level context is included, so compensation expense impact is not assessable from this form alone

Insights

Corporate Governance Expert

TL;DR: CFO received a standard multi-year option grant with time-based vesting, aligning incentives but not evidently material to shareholders.

The grant is a time-based equity award that vests 25% at grant and then monthly over three years, which is typical for executive compensation to promote retention and alignment with shareholder interests. The reported stake is limited to the option underlying 71,077 shares at a modest exercise price of $1.16. The filing is routine and contains no indications of accelerated vesting, related-party transactions beyond the executive role, or disposal activity. Impact appears procedural rather than transformative.

Compensation Analyst

TL;DR: Award structure encourages retention; dilution and expense depend on company share count and accounting treatment, not disclosed here.

The option term to 2035 and staged vesting over 36 months is consistent with retention-focused grants. While the absolute number of shares (71,077) and the exercise price ($1.16) are disclosed, the filing lacks the issuer's total outstanding share count or grant-date fair value, so the relative dilution and accounting expense cannot be assessed. No sales or exercises were reported.

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^*

Keck Barbra

(Last) (First) (Middle)

C/O SMARTKEM, MANCHESTER TECHNOLOGY CTR

HEXAGON TOWER DELAUNAYS ROAD, BLACKLEY

(Street)

MANCHESTER X0 M9 8GQ

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SmartKem, Inc. [ SMTK ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

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
Stock Option (right to buy)	$1.16	09/03/2025		A		71,077		(1)	09/03/2035	Common Stock	71,077	$0	71,077	D

Explanation of Responses:

1. The option vests as follows: 25% on the date of grant with the remaining shares to vest in equal monthly installments over a period of 36 months commencing on September 3, 2025 and on the 3rd date of each month thereafter.

	/s/ Barbra Keck	09/05/2025
	** 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

What did SmartKem (SMTK) report on Form 4 filed by Barbra Keck?

The filing reports a stock option grant on 09/03/2025 for 71,077 shares with an exercise price of $1.16 and expiration on 09/03/2035.

What is Barbra Keck's role at SmartKem (SMTK)?

The filing identifies Barbra Keck as Chief Financial Officer and a reporting person who holds the option directly.

How does the option vest according to the Form 4 for SMKT?

The option vests 25% at grant with the remaining shares vesting in equal monthly installments over 36 months beginning on 09/03/2025 and on the 3rd of each month thereafter.

Was there any sale or exercise reported by the insider in this Form 4?

No; the Form 4 reports an acquisition (A) of an option and shows 0 price paid for underlying shares as the option grant, with no dispositions or exercises reported.

When was the Form 4 signed and filed?

The signature block is dated 09/05/2025 and signed by Barbra Keck.