CELH Form 4: major holder settles forward sale and updates stake

Q: What insider transaction did CELH report on this Form 4?

The filing reports that an affiliated entity of a 10% owner of Celsius Holdings, Inc. settled three tranches of a variable prepaid forward sale contract by delivering shares of CELH common stock and receiving cash based on a set price formula.

Q: How many CELH shares were delivered in each tranche of the variable prepaid forward?

For each of the three tranches settled on November 18, 19, and 20, 2025 , CD Financial LLC delivered 187,500 shares of CELH common stock in full physical settlement.

Q: How is the reporting person related to CD Financial LLC in the CELH Form 4?

The reporting person is the manager of CD Financial LLC and a trustee of the Carl DeSantis Revocable Trust , which owns a 99% beneficial interest in CD. CD is the record holder of the CELH shares reported.

Q: How were cash payments to CD calculated in the CELH variable prepaid forward?

The contract used a formula based on the Settlement Price versus a Floor Price of $27.7675 and a Cap Price of $37.0234 . When the Settlement Price exceeded the Cap Price, the buyer paid CD the product of the share amount and $9.2559 .

Q: What were the maturity dates associated with the CELH variable prepaid forward tranches?

The three tranches that were settled had maturities on November 17, 18, and 19, 2025 , after which CD delivered CELH shares and received cash according to the contract terms.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Celsius Holdings, Inc. (CELH) reported insider activity by a 10% owner through a Form 4 filing. An affiliated entity, CD Financial LLC, which is managed and largely owned through a trust by the reporting person, settled three tranches of a variable prepaid forward sale contract entered into with an unaffiliated buyer in 2022.

On November 18, 19, and 20, 2025, CD delivered 187,500 shares of CELH common stock for each tranche in full physical settlement of the contract. After these transactions, the reporting person indirectly beneficially owned 17,910,867 CELH shares through CD. The settlement followed a formula based on the stock’s volume-weighted average price versus a floor price of $27.7675 and a cap price of $37.0234, with the buyer paying cash amounts calculated under that formula.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider Milmoe William H.

Role 10% Owner

Type	Security	Shares	Price	Value
Other	Variable Prepaid Forward Sale Contract (obligation to sell)	187,500	$0.00	--
Other	Common Stock	187,500	$37.0234	$6.94M
Other	Variable Prepaid Forward Sale Contract (obligation to sell)	187,500	$0.00	--
Other	Common Stock	187,500	$37.0234	$6.94M
Other	Variable Prepaid Forward Sale Contract (obligation to sell)	187,500	$0.00	--
Other	Common Stock	187,500	$37.0234	$6.94M

Holdings After Transaction: Variable Prepaid Forward Sale Contract (obligation to sell) — 0 shares (Indirect, See Footnote); Common Stock — 17,910,867 shares (Indirect, See Footnote)

Footnotes (1)

The Reporting Person is the manager of CD Financial LLC ("CD") and a trustee of the Carl DeSantis Revocable Trust, which owns a 99% beneficial interest in CD. CD is the record holder of the shares which are the subject of this report. The Reporting Person has shared voting and dispositive power with respect to such shares. On November 18, 2025, November 19, 2025, and November 20, 2025, CD settled three tranches of a prepaid variable forward sale transaction (the "VPF") entered into on November 3, 2022 with an unaffiliated third-party buyer. For these three tranches of the VPF, CD elected full physical settlement. In full physical settlement of each of these three tranches of the VPF, the contract for the VPF obligated (i) CD to deliver to the buyer 187,500 shares (adjusted for stock splits) of CELH common stock T+1 (the "Share Number") following the maturity of these tranches (occurring on November 17, 2025, November 18, 2025, and November 19, 2025), and (ii) the buyer to pay CD an amount in cash equal to: (a) if the volume-weighted average price of CELH common stock on the maturity date for the tranche (each, a "Settlement Price") was greater than $27.7675 (the "Floor Price"), but less than or equal to $37.0234 (the "Cap Price"), the product of (x) the Share Number and (y) the excess of Settlement Price over the Floor Price; and (b) if Settlement Price was greater than the Cap Price, the product of (x) the Share Number and (y) $9.2559. On each of November 17, 2025, November 18, 2025, and November 19, 2025, the Settlement Price was greater than the Cap Price. Accordingly, CD transferred to the buyer a number of CELH shares and the buyer paid CD amounts in cash determined pursuant to the formula above.

Form 4 Insider Transactions: What Each Field Means →

11/20/2025 - 08:49 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^*

Milmoe William H.

(Last)

(First)

(Middle)

190 S.E. 5TH AVENUE, SUITE 200

(Street)

DELRAY BEACH

33483

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Celsius Holdings, Inc. [ CELH ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2025

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)
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)
Common Stock	11/18/2025		J/K⁽²⁾⁽³⁾⁽⁴⁾		187,500	D	$37.0234	18,285,867	I	See Footnote⁽¹⁾
Common Stock	11/19/2025		J/K⁽²⁾⁽³⁾⁽⁴⁾		187,500	D	$37.0234	18,098,367	I	See Footnote⁽¹⁾
Common Stock	11/20/2025		J/K⁽²⁾⁽³⁾⁽⁴⁾		187,500	D	$37.0234	17,910,867	I	See Footnote⁽¹⁾

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)
Variable Prepaid Forward Sale Contract (obligation to sell)	⁽²⁾⁽³⁾⁽⁴⁾	11/18/2025		J/K⁽²⁾⁽³⁾⁽⁴⁾			187,500	⁽²⁾⁽³⁾⁽⁴⁾	⁽²⁾⁽³⁾⁽⁴⁾	Common Stock	187,500	$0⁽²⁾⁽³⁾⁽⁴⁾	0	I	See Footnote⁽¹⁾
Variable Prepaid Forward Sale Contract (obligation to sell)	⁽²⁾⁽³⁾⁽⁴⁾	11/19/2025		J/K⁽²⁾⁽³⁾⁽⁴⁾			187,500	⁽²⁾⁽³⁾⁽⁴⁾	⁽²⁾⁽³⁾⁽⁴⁾	Common Stock	187,500	$0⁽²⁾⁽³⁾⁽⁴⁾	0	I	See Footnote⁽¹⁾
Variable Prepaid Forward Sale Contract (obligation to sell)	⁽²⁾⁽³⁾⁽⁴⁾	11/20/2025		J/K⁽²⁾⁽³⁾⁽⁴⁾			187,500	⁽²⁾⁽³⁾⁽⁴⁾	⁽²⁾⁽³⁾⁽⁴⁾	Common Stock	187,500	$0⁽²⁾⁽³⁾⁽⁴⁾	0	I	See Footnote⁽¹⁾

Explanation of Responses:

1. The Reporting Person is the manager of CD Financial LLC ("CD") and a trustee of the Carl DeSantis Revocable Trust, which owns a 99% beneficial interest in CD. CD is the record holder of the shares which are the subject of this report. The Reporting Person has shared voting and dispositive power with respect to such shares.

2. On November 18, 2025, November 19, 2025, and November 20, 2025, CD settled three tranches of a prepaid variable forward sale transaction (the "VPF") entered into on November 3, 2022 with an unaffiliated third-party buyer. For these three tranches of the VPF, CD elected full physical settlement.

3. In full physical settlement of each of these three tranches of the VPF, the contract for the VPF obligated (i) CD to deliver to the buyer 187,500 shares (adjusted for stock splits) of CELH common stock T+1 (the "Share Number") following the maturity of these tranches (occurring on November 17, 2025, November 18, 2025, and November 19, 2025), and (ii) the buyer to pay CD an amount in cash equal to: (a) if the volume-weighted average price of CELH common stock on the maturity date for the tranche (each, a "Settlement Price") was greater than $27.7675 (the "Floor Price"), but less than or equal to $37.0234 (the "Cap Price"), the product of (x) the Share Number and (y) the excess of Settlement Price over the Floor Price; and (b) if Settlement Price was greater than the Cap Price, the product of (x) the Share Number and (y) $9.2559.

4. On each of November 17, 2025, November 18, 2025, and November 19, 2025, the Settlement Price was greater than the Cap Price. Accordingly, CD transferred to the buyer a number of CELH shares and the buyer paid CD amounts in cash determined pursuant to the formula above.

	/s/ William H. Milmoe	11/20/2025
	** 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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Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did CELH report on this Form 4?

The filing reports that an affiliated entity of a 10% owner of Celsius Holdings, Inc. settled three tranches of a variable prepaid forward sale contract by delivering shares of CELH common stock and receiving cash based on a set price formula.

How many CELH shares were delivered in each tranche of the variable prepaid forward?

For each of the three tranches settled on November 18, 19, and 20, 2025, CD Financial LLC delivered 187,500 shares of CELH common stock in full physical settlement.

What was the reporting person’s CELH beneficial ownership after these transactions?

Following the reported transactions, the filing shows the reporting person indirectly beneficially owned 17,910,867 shares of CELH common stock through CD Financial LLC.

How were cash payments to CD calculated in the CELH variable prepaid forward?

The contract used a formula based on the Settlement Price versus a Floor Price of $27.7675 and a Cap Price of $37.0234. When the Settlement Price exceeded the Cap Price, the buyer paid CD the product of the share amount and $9.2559.

What were the maturity dates associated with the CELH variable prepaid forward tranches?

The three tranches that were settled had maturities on November 17, 18, and 19, 2025, after which CD delivered CELH shares and received cash according to the contract terms.