Axe Compute Inc. (AGPU) CEO reports RSU grant and exits roles
Rhea-AI Filing Summary
Axe Compute Inc. Chief Executive Officer and director Raymond F. Vennare reported equity-related transactions and a leadership change. On December 10, 2025 he received 20,000 restricted stock units, each convertible into one share of common stock at no cost, which vested in full on January 1, 2026. When those RSUs were settled on February 5, 2026, the company withheld 6,758 shares of common stock at $2.59 per share to cover taxes, leaving Vennare with 19,677 shares of common stock held directly. The filing notes it was submitted late due to an administrative oversight. It also states that the board voted on February 6, 2026 to terminate Vennare’s employment without cause, effective February 9, 2026, and that he resigned as chairman and as a board member on that same effective date.
Positive
- None.
Negative
- CEO termination and board resignation: The board voted on February 6, 2026 to terminate Raymond F. Vennare’s employment without cause, effective February 9, 2026, and he resigned as chairman and director the same day.
Insights
CEO RSU vesting is routine, but his termination and board resignation are a notable governance change.
The filing shows former CEO and director Raymond F. Vennare receiving 20,000 RSUs on December 10, 2025, which vested on January 1, 2026. These equity awards are common for senior executives and align compensation with the company’s stock performance.
On February 5, 2026, the RSUs were settled and Axe Compute withheld 6,758 shares at $2.59 per share for taxes, leaving Vennare with 19,677 directly held shares. This tax withholding mechanism is standard and does not represent an open-market sale.
More significantly, the board voted on February 6, 2026 to terminate Vennare’s employment without cause, effective February 9, 2026 and he resigned as chairman and as a director effective the same date. This represents a clear leadership transition; future company disclosures may describe the broader management and strategic implications.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Tax Withholding | Common Stock | 6,758 | $2.59 | $18K |
| Grant/Award | Common Stock | 20,000 | $0.00 | -- |
Footnotes (1)
- The grant consists of restricted stock units ("RSUs"). Each RSU represents the right to receive one share of common stock upon vesting. The RSUs vested in full on January 1, 2026. This Form 4 is being filed late due to an inadvertent administrative oversight. Upon discovery of the oversight, the Reporting Person is filing this Form 4 promptly and intends to comply with all future filing requirements under Section 16(a) of the Securities Exchange Act of 1934. The RSUs were settled on February 5, 2026. The Issuer withheld 6,758 shares of common stock to cover withholding tax, in accordance with the Restricted Stock Unit Award Agreement between Reporting Person and the Issuer. As disclosed on the Form 8-K filed February 9, 2026, the Issuer's Board of Directors (the "Board") voted on February 6, 2026 to terminate, without cause, the employment of Reporting Person with the Issuer, effective as of February 9, 2026. In connection with his termination, Reporting Person entered into a separation agreement with the Issuer and resigned as Chairman and a member of the Board, each effective as of February 9, 2026.
