Freedman Joseph David 4

What Happened

• Joseph D. Freedman, a director of Red Cat Holdings, had 7,429 restricted stock units (RSUs) vest and be settled into 7,429 shares of RCAT common stock on April 30, 2026. The Form 4 records a conversion/exercise (transaction code M) of the derivative RSUs into shares. No per-share price or cash value is reported (listed as N/A), and the filing does not show any open‑market sale of the shares.

Key Details

• Transaction date: April 30, 2026 (settlement on vesting date)
• Transaction code: M (conversion/exercise of a derivative instrument)
• Shares issued/received: 7,429 common shares
• Price/value: N/A (no cash price reported on the form)
• Shares owned after transaction: Not disclosed in this filing
• Footnote: The RSUs were granted May 22, 2025 and vested/settled on April 30, 2026 (each RSU = right to one share)
• Timeliness: Form filed May 4, 2026 (appears filed within the standard Section 16 reporting window)

Context

• This was a routine settlement of compensation RSUs, not a purchase or sale. The filing shows conversion of the derivative award into shares (one line records acquisition of shares; a separate line reflects disposition/termination of the derivative instrument) — the “disposed” entry refers to the derivative instrument being converted, not a public sale of shares.
• Such award settlements are common for executives/directors and do not by themselves indicate a buying or selling signal.