Funk Paul II 4

What Happened
Paul Funk II, a director of Red Cat Holdings, was granted 7,429 restricted stock units (RSUs) on May 22, 2025. The award is recorded at $0.00 per share (derivative grant); each RSU represents a contingent right to one share of RCAT common stock and will vest on April 30, 2026. This is a compensation award (not an open‑market purchase or sale).

Key Details

• Transaction date and price: 2025-05-22; grant recorded at $0.00 per RSU.
• Amount: 7,429 restricted stock units (each convertible to one share upon vesting).
• Vesting: RSUs vest on April 30, 2026 (see footnote).
• Shares owned after transaction: Not disclosed in the provided filing.
• Filing timing: Report filed April 29, 2026 for a 2025 transaction (filed ~11 months after the grant). Late filing may reflect reporting delay; it does not itself indicate trading activity.
• Footnotes: F1 — each RSU = right to one share; F2 — vesting date April 30, 2026.

Context
RSU grants to directors are a common form of equity compensation and do not represent an immediate purchase or sale of shares. The RSUs convert to actual shares only upon vesting (subject to any plan rules), at which point the holder may receive shares or be subject to tax withholding as applicable.