Paradise Andrew 4

What Happened

• Andrew Paradise, CEO of Firy Inc. (FIRY), had restricted stock units (RSUs) settle on July 1, 2026. The settlement converted RSUs into 134,911 shares of Class A common stock (three lots: 90,576; 23,810; 20,525).
• To cover withholding taxes on the vesting, 53,089 shares were surrendered (35,642; 9,370; 8,077) at a reported per-share value of $10.18, totaling $540,447. The RSU conversion entries show $0 exercise price (derivative conversion), and the withheld-share entries are reported as dispositions for tax payment. Net shares added to the CEO’s position from this settlement were 81,822 shares (134,911 received minus 53,089 withheld).
• This was not an open-market sale of shares for investment liquidity; it was a routine tax-withholding disposition tied to RSU vesting.

Key Details

• Transaction date: July 1, 2026. Filing date (Form 4): July 6, 2026 (filed late relative to the typical two-business-day rule).
• Shares received via RSU conversion: 90,576; 23,810; 20,525 (total 134,911) at $0.00 exercise price (derivative conversion, code M).
• Shares withheld for taxes (dispositions, code F): 35,642; 9,370; 8,077 (total 53,089) at $10.18 per share; total value reported for withholding = $540,447.
• Shares owned after the transaction: not provided in the supplied data.
• Footnotes of note:
  • F1–F3: RSUs settled into Class A common stock; each RSU = 1 share.
  • F2: Shares withheld specifically to pay withholding taxes.
  • F4–F6: Describe vesting schedule (initial 25% vested Jan 1, 2024, remainder vesting quarterly over multi-year schedules; some grants vest in quarterly installments over three years, subject to continued service).
• Filing timeliness: Report filed 5 days after the transaction (appears late). Late Form 4s can be a reporting deficiency and may be reviewed by the SEC or the company.

Context

• This was a standard RSU settlement with shares withheld to satisfy tax obligations — a routine administrative step rather than a market sell signal. Derivative code M indicates conversion/exercise of a contingent equity award (RSU), and code F indicates shares were disposed solely to cover tax withholding.
• For retail investors, purchases or open-market buys by insiders generally carry more informational weight; tax-withholding disposals following vesting are common and do not necessarily indicate the insider is reducing their economic exposure by choice.