[Form 4] Airship AI Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Louis Lebedin, a director of Airship AI Holdings, Inc. (AISP), reported option awards and existing options. The Form 4 shows a transaction dated 09/03/2025 disclosing an award of 50,000 options with an exercise price of $4.25, underlying 50,000 shares of common stock, and reported as directly owned following the transaction. The filing also lists an existing non‑qualified stock option grant of 200,000 options with an exercise price of $1.65 and an exercisable date noted as 03/03/2029.

The new options vest over a four‑year schedule with quarterly vesting; the filing details quarterly vesting amounts of 12,500 options on the specified March, June, September, and December quarter‑end dates. The Form 4 is signed by Louis Lebedin on 09/04/2025.

Positive

• Clear disclosure of option awards and direct beneficial ownership by the reporting director
• Defined four‑year vesting schedule with specific quarterly vesting amounts (12,500 per quarter)
• Includes both new grant and existing NQSO details (50,000 at $4.25; 200,000 at $1.65)
• Signed Form 4 with transaction date 09/03/2025 and signature date 09/04/2025

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director granted time‑based options with a four‑year quarterly vesting schedule; disclosure is routine and transparent.

The Form 4 transparently reports a director award of 50,000 options at $4.25 and an existing 200,000 NQSO at $1.65. The explicit quarterly vesting schedule aligns the director's equity realization with continued service over four years, which is a common governance practice to promote alignment with shareholders. The filing includes direct beneficial ownership reporting and an authorized signature, satisfying Section 16 disclosure requirements.

Compensation Analyst

TL;DR: Compensation packet shows standard equity incentives; vesting cadence and amounts are clearly disclosed.

The new grant of 50,000 options at a $4.25 strike and the noted 200,000 NQSOs at $1.65 are documented with direct ownership counts. The vesting description specifying 12,500 options per quarter provides clear service‑based vesting mechanics. For pay‑structure analysis, the data permit calculation of potential dilution and time‑based incentive alignment but do not include grant date fair value or total outstanding share count.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lebedin Louis

(Last) (First) (Middle)

C/O AIRSHIP AI HOLDINGS, INC.

8210 154TH AVE NE

(Street)

REDMOND WA 98052

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Airship AI Holdings, Inc. [ AISP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Option (NQSO)	$1.65							(1)	03/03/2029	Common Stock	200,000		200,000	D
Options	$4.25	09/03/2025		A		50,000		(2)	09/03/2035	Common Stock	50,000	$0	50,000	D

Explanation of Responses:

1. The total number of Options granted are subject to a four (4) year vesting period, vesting quarterly. Each vesting year, such Options vest: Twelve Thousand Five Hundred (12,500) on March 31st; Twelve Thousand Five Hundred (12,500) on June 30th; Twelve Thousand Five Hundred (12,500) on September 30th; and in the ensuing year, Twelve Thousand Five Hundred (12,500) on December 31st, (the "Vesting Schedule").

2. Options vest quarterly over 4 years.

	By: /s/ Louis Lebedin	09/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

Who filed this Form 4 for Airship AI Holdings (AISP)?

The Form 4 was filed by Louis Lebedin, identified as a director of Airship AI Holdings, Inc.

What option award was reported on 09/03/2025 for AISP?

A grant of 50,000 options with an exercise price of $4.25 was reported with a transaction date of 09/03/2025.

What existing options does the filing disclose for the reporting person?

The filing lists a Non‑Qualified Stock Option (NQSO) for 200,000 options with an exercise price of $1.65 and an exercisable date shown as 03/03/2029.

How do the new options vest according to the filing?

The options vest over a four‑year period with quarterly vesting; each quarter vests 12,500 options on the March, June, September, and December quarter‑end dates.

When was the Form 4 signed?

The Form 4 was signed by Louis Lebedin on 09/04/2025.