Webull: Water Castle converts 25M Class B shares

Q: What are the Webull (BULL) Performance RSU vesting conditions?

The 10,866,488 Performance RSUs granted to Anquan Wang vest in 25% increments as the 60-day volume-weighted average trading price of Webull's Class A Ordinary Shares reaches $15, $20, $25 and $30, respectively. Any unvested Performance RSUs expire on February 24, 2031.

Performance RSUs are tied to 60-day volume-weighted average trading prices of $15, $20, $25 and $30, with vesting in 25% increments at each threshold.

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Rhea-AI Filing Summary

Webull Corp (BULL) reported that Water Castle Az Inc. converted 25,000,000 Class B Ordinary Shares into 25,000,000 Class A Ordinary Shares on September 30, 2026, on a one-for-one basis for no consideration. Afterward, Water Castle's reported position was 75,158,736 Class B Ordinary Shares and 25,200,000 Class A Ordinary Shares. The securities are held of record by Water Castle; voting power is fully retained by Pozijie Inc., wholly owned by Anquan Wang, Webull's Chief Executive Officer, director and ten percent owner. The reported securities include 5,433,243 restricted Class B share units and 10,866,488 Performance RSUs granted to Anquan Wang.

Insider Trade Summary

25,000,000 shares exercised/converted

Exercise 2 txns

Insider Wang Anquan

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Conversion	Class B Ordinary Shares ^{F1, F3, F4, F2}	25,000,000	$0.00	$0.00
Conversion	Class A Ordinary Shares ^{F1, F2}	25,000,000	--	--

Holdings After Transaction: Class B Ordinary Shares — 75,158,736 contracts (Indirect, By Water Castle Az Inc.); Class A Ordinary Shares — 25,200,000 shares (Indirect, By Water Castle Az Inc.)

Footnotes (4)

F1. On September 30, 2026, Water Castle Az Inc. converted 25,000,000 Class B Ordinary Shares into 25,000,000 Class A Ordinary Shares on a one-for-one basis for no consideration.
F2. The securities reported herein are held of record by Water Castle Az Inc., whose voting power is fully retained by Pozijie Inc., which is wholly owned by the Reporting Person.
F3. Each Class B Ordinary Share is convertible into one Class A Ordinary Share at the option of the Reporting Person and has no expiration date.
F4. The reported securities include (a) 5,433,243 restricted Class B share units granted to the Reporting Person that vest over 36 equal monthly installments ending on December 31, 2028, subject to the Reporting Person's continued service through the applicable vesting date, of which 1,660,156 have already vested or are scheduled to vest within 60 days of September 30, 2026, and (b) 10,866,488 performance restricted Class B share units ("Performance RSUs") granted to the Reporting Person that vest in 25% increments as and when the 60-day volume-weighted average trading price of the Issuer's Class A Ordinary Shares reaches each of $15, $20, $25, and $30, respectively, with any unvested Performance RSUs expiring on February 24, 2031.

Key Figures

Class B Ordinary Shares converted: 25,000,000 shares Class A Ordinary Shares acquired in conversion: 25,000,000 shares Reported Class B Ordinary Shares after transaction: 75,158,736 shares +5 more

8 metrics

Class B Ordinary Shares converted 25,000,000 shares September 30, 2026 conversion

Class A Ordinary Shares acquired in conversion 25,000,000 shares September 30, 2026 conversion

Reported Class B Ordinary Shares after transaction 75,158,736 shares After the September 30, 2026 transaction

Reported Class A Ordinary Shares after transaction 25,200,000 shares After the September 30, 2026 transaction

Restricted Class B share units 5,433,243 units Granted to Anquan Wang

Restricted units vested or scheduled to vest within 60 days 1,660,156 units As of September 30, 2026

Performance RSUs 10,866,488 units Granted to Anquan Wang

Performance RSU vesting thresholds $15, $20, $25 and $30 60-day volume-weighted average trading prices; vesting in 25% increments

Key Terms

Class B Ordinary Shares, Class A Ordinary Shares, restricted Class B share units, 60-day volume-weighted average trading price

4 terms

Class B Ordinary Shares technical

"converted 25,000,000 Class B Ordinary Shares"

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

Class A Ordinary Shares technical

"into 25,000,000 Class A Ordinary Shares"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

60-day volume-weighted average trading price financial

"the 60-day volume-weighted average trading price"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Water Castle convert in Webull (BULL)?

On September 30, 2026, Water Castle Az Inc. converted 25,000,000 Class B Ordinary Shares into 25,000,000 Class A Ordinary Shares on a one-for-one basis for no consideration.

How do Webull's Class B Ordinary Shares convert into Class A?

Each Class B Ordinary Share is convertible into one Class A Ordinary Share at the option of Anquan Wang, Webull's Chief Executive Officer, and has no expiration date.

What are the Webull (BULL) Performance RSU vesting conditions?

The 10,866,488 Performance RSUs granted to Anquan Wang vest in 25% increments as the 60-day volume-weighted average trading price of Webull's Class A Ordinary Shares reaches $15, $20, $25 and $30, respectively. Any unvested Performance RSUs expire on February 24, 2031.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/02/2026 - 07:07 PM Accepted by SEC EDGAR 10/02/2026 - 07:07 PM

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
Estimated average burden
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^*

Wang Anquan

(Last)

(First)

(Middle)

200 CARILLON PARKWAY

(Street)

ST. PETERSBURG

FLORIDA

33716

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Webull Corp [ BULL ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Ordinary Shares	09/30/2026		C		25,000,000⁽¹⁾	A	⁽¹⁾	25,200,000	I	By Water Castle Az Inc.⁽²⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Ordinary Shares	⁽¹⁾	09/30/2026		C			25,000,000⁽¹⁾	⁽³⁾	⁽³⁾	Class A Ordinary Shares	25,000,000	$0	75,158,736⁽⁴⁾	I	By Water Castle Az Inc.⁽²⁾

Explanation of Responses:

1. On September 30, 2026, Water Castle Az Inc. converted 25,000,000 Class B Ordinary Shares into 25,000,000 Class A Ordinary Shares on a one-for-one basis for no consideration.

2. The securities reported herein are held of record by Water Castle Az Inc., whose voting power is fully retained by Pozijie Inc., which is wholly owned by the Reporting Person.

3. Each Class B Ordinary Share is convertible into one Class A Ordinary Share at the option of the Reporting Person and has no expiration date.

4. The reported securities include (a) 5,433,243 restricted Class B share units granted to the Reporting Person that vest over 36 equal monthly installments ending on December 31, 2028, subject to the Reporting Person's continued service through the applicable vesting date, of which 1,660,156 have already vested or are scheduled to vest within 60 days of September 30, 2026, and (b) 10,866,488 performance restricted Class B share units ("Performance RSUs") granted to the Reporting Person that vest in 25% increments as and when the 60-day volume-weighted average trading price of the Issuer's Class A Ordinary Shares reaches each of $15, $20, $25, and $30, respectively, with any unvested Performance RSUs expiring on February 24, 2031.

	/s/ Liwei Cao, attorney-in-fact	10/02/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR