Martell Frank 4

What Happened

• Frank Martell, CEO of SmartRent, had 450,000 restricted stock units (RSUs) convert into 450,000 shares on June 30, 2026 (reported as derivative conversion, code M). The conversion had no exercise price ($0.00), consistent with RSU vesting rather than option exercise.
• To satisfy tax withholding obligations (code F), 223,110 of those shares were withheld by the company at a per-share value of $1.22, totaling $272,194. After withholding, Martell received a net 226,890 shares (450,000 − 223,110).
• A corresponding derivative position of 450,000 RSUs was reported as disposed (reflecting conversion), reported at $0.00.

Key Details

• Transaction date: June 30, 2026.
• Conversion: 450,000 RSUs → 450,000 shares (code M); no cash exercise price.
• Tax withholding: 223,110 shares withheld at $1.22/share for $272,194 (code F).
• Net shares delivered to Martell: 226,890.
• Ownership reporting note: the Form 4 reflects a prior transfer of 119,670 shares to the Frank D. and Donna M. Martell Family Trust (footnote F2).
• Grant background: these RSUs were part of a 1,800,000 RSU grant that vested in four equal quarterly installments; 100% of the CEO grant was fully vested as of 6/30/2026 (footnote F3).
• Filing timeliness: reported on 6/30/2026 (no late filing indicated).

Context

• This was a routine RSU vesting/conversion, not an open-market purchase or voluntary sale; tax-withholding via share retention is standard and not necessarily a signal of sentiment.
• The conversion eliminated the derivative RSU position and added common shares to Martell’s holdings (minus shares withheld for taxes).