Cadre Holdings Form 4 Reveals $3.3M CEO Share Sale

Rhea-AI Filing Summary

Cadre Holdings (CDRE) – Form 4 filed 06/23/2025. CEO, Chairman and 10% owner Warren B. Kanders disclosed two open-market sales executed through his controlled entity, Kanders SAF, LLC.

• 06/18/2025: 50,000 common shares sold at a weighted-average price of $33.95.
• 06/20/2025: 50,000 common shares sold at a weighted-average price of $33.01.

The combined 100,000-share disposal generated roughly $3.3 million in gross proceeds. Following the transactions, Kanders SAF’s holding declined to 10,241,192 shares. Additional positions remain unchanged: 45,584 shares held directly, 1,305,650 in Warren B. Kanders’ Roth IRA, and 23,450 in his spouse’s Roth IRA.

No derivative activity was reported, and the filing does not indicate the sales were made under a Rule 10b5-1 plan. While the sale size is modest relative to Kanders’ total ownership, it represents the first reported share reduction in 2025 and may be monitored by investors for sentiment signals.

Positive

• None.

Negative

• CEO/Chairman sold 100,000 shares (~$3.3 million), modestly reducing insider stake and potentially signaling lower confidence.

Insights

Equity Research Analyst

TL;DR: Insider trims 100k CDRE shares; absolute size small, but signals modest liquidity event.

The CEO’s two-day sale equates to roughly 0.97% of his indirect Kanders SAF position and <~0.8% of total beneficial ownership. Proceeds of $3.3 million suggest personal liquidity rather than a strategic shift. Still, any sale by a multi-hat insider (CEO, Chair, 10% owner) often attracts short-term bearish sentiment, particularly absent a 10b5-1 plan disclosure. From a float perspective, 100k shares represent under 1% of CDRE’s average monthly volume, so market impact should be limited. I view the event as marginally negative but not thesis-changing.

Corporate Governance Specialist

TL;DR: Governance neutral; sale disclosed promptly, no red flags beyond typical insider selling.

The filing is timely, includes weighted-average pricing ranges, and clarifies beneficial ownership structure and spousal holdings. No derivative instruments or complex structures were used. The lack of a 10b5-1 notation removes an affirmative defense, but the moderate scale relative to the insider’s 10 million-plus stake tempers governance concern. Continued transparency on future trading plans would enhance alignment.

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^*

KANDERS WARREN B

(Last) (First) (Middle)

C/O KANDERS & COMPANY, INC.

250 ROYAL PALM WAY, SUITE 201

(Street)

PALM BEACH FL 33480

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cadre Holdings, Inc. [ CDRE ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

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
Common Stock, par value $0.0001 per share ("Common Stock")	06/18/2025		S		50,000	D	$33.95(1)	10,291,192	I	By Kanders SAF, LLC(3)(5)
Common Stock	06/20/2025		S		50,000	D	$33.01(2)	10,241,192	I	By Kanders SAF, LLC(3)(5)
Common Stock								45,584	D
Common Stock								1,305,650	I	By Warren B. Kanders Roth IRA
Common Stock								23,450	I	By Allison Kanders Roth IRA(4)(5)

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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price per share. These shares of Common Stock were sold in multiple transactions at prices ranging from $33.70-$34.29 per share. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock sold at each separate price within the ranges set forth in this footnote (1) to this Form 4.

2. The price reported in Column 4 is a weighted average price per share. These shares of Common Stock were sold in multiple transactions at prices ranging from $32.70-$33.88 per share. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock sold at each separate price within the ranges set forth in this footnote (2) to this Form 4.

3. The Reporting Person is the sole manager and member of Kanders SAF, LLC.

4. Allison Kanders is the Reporting Person's spouse.

5. The Reporting Person disclaims beneficial ownership of the securities described in this statement, except to the extent of his pecuniary interest in such securities.

	/s/ Warren B. Kanders	06/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many CDRE shares did CEO Warren B. Kanders sell?

He sold 100,000 shares of Cadre Holdings common stock over two transactions.

At what prices were the CDRE shares sold?

Weighted-average prices were $33.95 on 06/18/2025 and $33.01 on 06/20/2025.

How many CDRE shares does the insider still own after the sale?

Kanders SAF, LLC now holds 10,241,192 shares; additional direct and IRA holdings total 1,374,684 shares.

Were the sales made under a Rule 10b5-1 trading plan?

The Form 4 does not indicate that the transactions were executed under a Rule 10b5-1 plan.

Did the filing report any derivative transactions?

No, Table II shows no derivative securities acquired or disposed of.