Crawford United (CRAWA) CFO’s 2,625 shares converted to $83.86 cash

Rhea-AI Filing Summary

Crawford United Corporation’s vice president and CFO, Jeffrey Salay, reported the automatic conversion of his Class A common shares in connection with the company’s merger into SPX Enterprises, LLC. On February 6, 2026, all of his 2,625 Class A shares were disposed of in the merger, leaving him with 0 shares owned directly.

Under the merger agreement, each issued and outstanding common share of Crawford United was converted into the right to receive cash of $83.8636 per share, without interest and net of applicable withholding taxes. This filing reflects the cash-out of Salay’s equity as part of that change in ownership.

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

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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^*

Salay Jeffrey

(Last) (First) (Middle)

C/O CRAWFORD UNITED CORPORATION

10514 DUPONT AVENUE

(Street)

CLEVELAND OH 44108

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CRAWFORD UNITED Corp [ CRAWA ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Vice President & CFO

3. Date of Earliest Transaction (Month/Day/Year)
02/06/2026

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
Class A Common Shares	02/06/2026		D		2,625	D	(1)	0	D

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. Pursuant to the Agreement and Plan of Merger dated December 5, 2025 (the "Merger Agreement"), by and among SPX Enterprises, LLC, a Delaware limited liability company ("Parent"), Project King Acquisition, Inc., an Ohio corporation and a wholly owned subsidiary of Parent ("Merger Sub"), and Crawford United Corporation, an Ohio corporation (the "Company"), the Merger Sub merged with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of the Parent (the "Merger"). At the effective time of the Merger, each issued and outstanding common share of the Company was converted automatically into the right to receive cash in an amount equal to $83.8636 per share without interest, net of all applicable withholding taxes.

	/s/ Jeffrey Salay	02/06/2026
	** 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

What insider transaction did Crawford United (CRAWA) report on February 6, 2026?

Crawford United reported that vice president and CFO Jeffrey Salay had 2,625 Class A common shares automatically converted and disposed of in a merger on February 6, 2026, leaving him with no remaining directly owned shares.

What price per share did Crawford United (CRAWA) shareholders receive in the merger?

Each issued and outstanding Crawford United common share was converted into the right to receive $83.8636 in cash per share, without interest and net of applicable withholding taxes, when the merger with SPX Enterprises, LLC became effective for all shareholders.

How many Crawford United (CRAWA) shares did CFO Jeffrey Salay own after the merger?

After the merger closed and his shares were converted into cash, CFO Jeffrey Salay reported owning 0 Class A common shares directly. All 2,625 previously held shares were disposed of through the merger transaction.

Why does the Crawford United (CRAWA) Form 4 show a disposition code "D" at zero price?

The Form 4 uses transaction code "D" to indicate a disposition of 2,625 Class A shares. The line item shows a zero price because the actual consideration, $83.8636 per share, is described in the merger footnote rather than the main transaction table.

Who acquired Crawford United (CRAWA) in the merger tied to this Form 4?

Crawford United was acquired under a merger agreement involving SPX Enterprises, LLC as Parent and Project King Acquisition, Inc. as Merger Sub. The Merger Sub combined with Crawford United, which continued as a wholly owned subsidiary of SPX Enterprises.

What does the Crawford United (CRAWA) merger mean for former common shareholders?

Former Crawford United common shareholders no longer hold company shares. At the merger’s effective time, each common share was automatically converted into the right to receive $83.8636 in cash per share, net of applicable withholding taxes, replacing their equity stake with cash.