Thieneman Kenneth Dale 4

What Happened

• Kenneth Dale Thieneman, a director of Velo3D, converted a senior secured convertible promissory note into common stock on March 4, 2026. As a result, 1,145,830 shares were acquired at an implied price of $10.50 per share for a total value of $12,031,215.
• The filing also shows the disposition (cancellation) of 10,000,000 derivative securities at $0.00, reflecting the conversion/extinguishment of the convertible instrument that underlay the note (transaction code C = conversion of derivative security).

Key Details

• Transaction date: March 4, 2026. Conversion price recorded: $10.50 per share; total value: $12,031,215.
• Shares acquired: 1,145,830 common shares. Derivative securities disposed/cancelled: 10,000,000 (at $0.00).
• Shares owned after transaction: Not specified in the excerpt provided.
• Footnotes: F1 — the derivative was a Senior Secured Convertible Promissory Note dated Feb 10, 2025, principal $10,000,000, held by Thieneman Construction, Inc. F2 — Thieneman Construction delivered notice to convert $10,000,000 of principal plus accrued interest into the 1,145,830 shares.
• Filing timing: Report filed March 6, 2026 for a March 4 transaction — appears timely (filed within the usual reporting window).

Context

• This was not an open-market buy or sale: it’s an acquisition of shares by converting debt (the company or affiliated entity converted a note into equity). That converts a creditor position into equity ownership rather than a new cash purchase from the market.
• The 10,000,000 “disposed” derivative entries reflect the conversion/cancellation of the convertible instrument; they do not represent a sale for cash.
• No inference about the insider’s motives should be drawn from this factual record alone.