SmartRent (SMRT) CEO Frank Martell Converts RSUs, Withholds Shares

What Happened
Frank Martell, CEO of SmartRent, had 150,000 restricted stock units (RSUs convert/vest) on September 30, 2026. The conversion resulted in 150,000 shares issued; 74,370 of those shares were withheld to satisfy tax withholding obligations at $1.18 per share (total tax withholding ≈ $87,757), leaving a net ~75,630 shares delivered to him.

Key Details

• Transaction date: 2026-09-30. Filing date: 2026-09-30 (appears timely).
• RSU conversion: 150,000 shares (code M — exercise/conversion of derivative).
• Tax withholding: 74,370 shares withheld (code F) at $1.18/share for $87,757.
• Net shares retained by Martell: ~75,630 shares (150,000 − 74,370).
• Footnotes: F1 clarifies an RSU equals a contingent right to one share; F2 notes a grant of 600,000 RSUs on May 12, 2026 vesting in four substantially equal quarterly installments beginning 9/30/2026 (this is the first quarterly vest).
• Post-transaction total holdings: not reported in the provided excerpt.

Context
This appears to be a routine vesting/conversion of RSUs with shares withheld to cover tax liabilities (a common, non-dispositive administrative action), not an open-market sale or independent purchase. For retail investors, such vesting events generally reflect compensation mechanics rather than a direct buy/sell signal from the insider.