Han Fei 4

What Happened
Han Fei, CFO of DeFi Development Corp. (DFDV), had 3,217 shares of common stock withheld on March 17, 2026, at a price of $5.11 per share to satisfy tax withholding obligations related to the vesting of restricted stock units. The withholding resulted in a disposition valued at approximately $16,439. This was a tax-withholding disposition (routine), not an open-market sale or purchase.

Key Details

• Transaction date: 2026-03-17; filing date: 2026-03-18 (appears timely).
• Action: Payment of tax liability via share withholding (transaction code F).
• Shares withheld/disposed: 3,217 shares at $5.11 each; total ≈ $16,439.
• Shares owned after the transaction: not specified in the filing.
• Footnotes: F1 — shares withheld to pay taxes on vesting RSUs; F2 — Mr. Han is a member of Defi Dev LLC, a manager-managed LLC; securities are voted by Parker White as manager.

Context
Tax-withholding by withholding shares is a common, administrative disposition when restricted stock units vest; it generally does not signal a voluntary sale or change in investment view. Because this was a withholding to satisfy tax obligations (not an open-market sale or purchase), it should be interpreted as routine compensation-related activity rather than an insider trading signal.