Martell Frank 4

What Happened
Frank Martell, CEO of SmartRent, bought 100,000 shares in an open‑market purchase on May 12, 2026 at a weighted average price of $1.18 ($117,850). He also converted/exercised 182,926 derivative units into shares (reported May 11, 2026). To satisfy tax withholding, 63,256 shares were surrendered on May 12 at $1.12 ($70,847). In addition, 131,578 shares were reported as acquired in connection with RSU vesting and he received a new grant of 600,000 RSUs on May 12, 2026 (vesting quarterly beginning Sept. 30, 2026).

Key Details

• Transaction dates: May 11–12, 2026; Form 4 filed May 13, 2026 (timely filing).
• Open‑market purchase: 100,000 shares @ $1.18 (weighted avg; trades ranged $1.16–$1.19 per footnote). Total reported cost $117,850.
• Derivative activity: 182,926 units converted/exercised on May 11, 2026 (reported as “M” exercise/conversion).
• Tax withholding: 63,256 shares surrendered on May 12 @ $1.12 for $70,847 (reported as “F” payment of exercise price/tax liability).
• RSUs: 131,578 shares reported as acquired upon RSU vesting; 600,000 RSUs granted on May 12, 2026, vesting in four substantially equal quarterly installments starting Sept. 30, 2026.
• Footnotes: F1 = weighted‑avg price disclosure; F2–F6 describe RSU vesting/grant and conversion mechanics.
• Shares owned after the transactions: not specified in the provided excerpt — see the full Form 4 for post‑transaction beneficial ownership.

Context

• The derivative conversion and RSU entries reflect settlement/vesting activity rather than open‑market speculation. The surrender of 63,256 shares to cover taxes is a common withholding method (similar to a cashless exercise). The May 12 open‑market purchase is a direct buy (a purchase signal), while the RSU grant and vesting are compensation actions.