Allen Paul M. 4

What Happened
Allen Paul, President of Airship AI Holdings, Inc. (AISP), was granted 59,000 derivative securities on 2026-03-04. The Form 4 reports these as an award/acquisition (code A) of options with an exercise price reported as $0.00. This is an awarded/converted option grant (not an open-market purchase or sale) and does not reflect an immediate cash transaction.

Key Details

• Transaction date: 2026-03-04; filing date: 2026-03-06 (appears timely).
• Security: 59,000 options (derivative), reported price $0.00 (award). Transaction code: A (award/grant).
• Shares owned after transaction: not specified in the provided filing details.
• Footnotes of note:
  • F1: These are Converted Stock Options received on Dec 21, 2023 upon conversion under the Merger Agreement (Airship AI / BYTE merger terms).
  • F2: Some awards are tied to earnout rights — additional shares may be issued if operating or share-price milestones are met and if the holder remains in service.
  • F3: Options vest quarterly over 4 years.
• Filing timeliness: filed two days after the transaction date; appears timely based on Form 4 rules.

Context
These are derivative option awards converted under the company’s merger agreement and subject to standard vesting and potential earnout milestones. They do not indicate an immediate purchase or sale of common stock and may convert into shares only as vesting and milestone conditions are met. Awards are commonly used for executive compensation and retention; they should be interpreted as potential future dilution rather than an immediate cash-based transaction.