Freedman Joseph David 4

What Happened

• Joseph David Freedman, a director of Red Cat Holdings, received an award of 7,429 restricted stock units (RSUs) on May 22, 2025. The Form 4 reports the grant as a derivative award at $0.00 per unit (total reported value $0), with the RSUs representing a contingent right to receive one share of RCAT common stock each.

Key Details

• Transaction date: 2025-05-22; reported price: $0.00 (award of RSUs).
• Grant size: 7,429 RSUs (each converts to one share upon vesting).
• Vesting: RSUs vest on April 30, 2026 (per filing footnote).
• Shares owned after transaction: not specified in the filing.
• Filing timing: the Form 4 was filed on 2026-04-29 — nearly 11 months after the grant date — which is a late filing and may be noted by investors and regulators.

Context

• RSUs are a form of equity compensation, not an immediate purchase: Freedman will only receive shares if the RSUs vest on the stated date and any company conditions are met. This grant does not indicate an immediate market purchase or sale.