[SCHEDULE 13D/A] CREATIVE REALITIES, INC. SEC Filing

Rhea-AI Filing Summary

Schedule 13D/A Amendment No. 1 for Creative Realities, Inc. (NASDAQ: CREX) details the updated beneficial ownership of Chief Executive Officer and Chairman Richard C. Mills.

• Current Beneficial Ownership: 1,435,260 shares, equal to 12.3 % of outstanding common stock (based on 10,518,932 shares outstanding as of 13-May-2025).
• Composition of Holdings: 752,601 directly-held shares (includes 450,000 unvested RSUs), 653,334 vested stock options, and 29,325 shares held through RFK Communications LLC, where Mills is sole manager.
• Recent Equity Grants & Transactions:
  • 2-Jun-2025: Granted option to purchase 206,000 shares, vesting in three equal tranches (2026-2028).
  • 2-Jun-2025: Open-market purchase of 16,000 shares at a $3.2614 weighted-average price.
  • 3-Jul-2025: Awarded 450,000 RSUs vesting 31-Dec-2025, 3-Jul-2027 and 3-Jul-2028; accelerated vesting on certain termination/change-of-control events.
• Purpose of Transaction: Mills states no present plans to influence control but reserves the right to act in the future.
• Funding Source: Personal funds for open-market purchases; equity awards relate to executive compensation.

The filing increases transparency around insider ownership, adds over 650 k potential new shares via options/RSUs, and signals continued alignment of the CEO’s interests with shareholder value.

Positive

• CEO ownership rises to 12.3 %, aligning management interests with shareholders.
• Open-market purchase of 16,000 shares at market prices suggests insider confidence.
• Equity awards employ multi-year vesting, incentivising long-term performance.

Negative

• Awards add up to 656,000 potential new shares, creating future dilution risk.
• No strategic plan disclosed, so limited immediate catalyst for share price.

Insights

Financial Analyst

TL;DR: CEO now controls 12.3 % of CREX; modest cash purchase plus sizable equity awards, signalling commitment but adding future dilution.

The amendment confirms Richard C. Mills as a significant insider with 1.44 m shares equivalent. Cash outlay was limited (16 k shares) but, combined with 206 k new options and 450 k RSUs, sharply raises his potential stake. The awards align incentives during a critical growth phase yet increase share-count overhang if fully exercised. No change-of-control intentions were disclosed, so immediate strategic impact is limited. Overall, investor takeaway is largely neutral: insider confidence offset by dilution risk.

Corporate Governance Expert

TL;DR: Higher insider ownership strengthens governance alignment; multi-year vesting structure encourages long-term value creation.

From a governance perspective, granting RSUs and options that vest through 2028 ties the CEO’s compensation squarely to sustained performance. Holding >12 % gives Mills meaningful skin in the game, reducing agency risk. Acceleration clauses are standard and not overly generous. While dilution exists, the plan was shareholder-approved and staggered vesting mitigates immediate impact. Net effect leans positive for minority shareholders.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

CREATIVE REALITIES, INC.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

22530J309

(CUSIP Number)

Richard C. Mills
13100 Magisterial Drive, Suite 102,
Louisville, KY, 40223
(502) 791-8800

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/03/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 22530J309

1

Name of reporting person

MILLS RICHARD C

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,435,260.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,435,260.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,435,260.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

12.3 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

Note to Rows 7, 9 and 11: Includes (i) 752,601 shares owned by the Reporting Person individually (which number, as of the filing date of this Amendment No. 1 to Schedule 13D, includes 450,000 shares issuable upon the future vesting of currently unvested portions of a restricted stock unit award granted to the Reporting Person), (ii) 653,334 shares purchasable upon the exercise of outstanding vested options owned by the Reporting Person individually, and (iii) 29,325 shares owned by RFK Communications, LLC ("RFK"). The Reporting Person serves as the sole manager of RFK and has sole voting and investment power over shares of the issuer held by RFK. Note to Row 13: Based on 10,518,932 shares of Common Stock outstanding as of May 13, 2025, as reported in the Issuer's Form 10-Q filed with the SEC on May 14, 2025, plus 653,334 shares of Common Stock issuable upon exercise of vested options to purchase shares of Common Stock beneficially owned by the Reporting Person and 450,000 shares issuable upon the future vesting of currently unvested portions of a restricted stock unit award granted to the Reporting Person.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: CREATIVE REALITIES, INC.
(c)	Address of Issuer's Principal Executive Offices: 13100 MAGISTERIAL DRIVE, SUITE 102, LOUISVILLE, KENTUCKY , 40223.
Item 1 Comment: The name of the issuer is Creative Realities, Inc., a Minnesota corporation (the "Issuer"). The address of the Issuer's principal executive offices is 13100 Magisterial Drive, Suite 102, Louisville, Kentucky 40223. This Schedule 13D relates to the Issuer's Common Stock, $0.01 par value per share (the "Common Stock"). All share and price information set forth in this Schedule 13D has been adjusted to reflect the Issuer's 1-for-30 and 1-for-3 reverse stock splits effective on October 17, 2018 and March 27, 2023, respectively. The following constitutes Amendment No. 1 ("Amendment No. 1") to the Schedule 13D filed by the undersigned on February 15, 2024 (the "Schedule 13D"). This Amendment No. 1 amends the Schedule 13D as specifically set forth herein. Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Schedule 13D. This Amendment No. 1 is being filed to disclose acquisitions of Common Stock, options to acquire Common Stock and restricted stock units of the Issuer issued to the Reporting Person, all of which were previously reported on Form 4 filings made with the SEC under Section 16 of the Securities Exchange Act of 1934, and disclosed in other filings of the Issuer made on Form 8-K.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of Schedule 13D is amended to add the following: The shares of Common Stock acquired by the Reporting Person on June 2, 2025, as described in Item 5 below, were purchased using the Reporting Person's personal funds. Each of the option to purchase 206,000 shares of Common Stock and the 450,000 restricted stock units issued to the Reporting Person described in Item 5 below were issued to the Reporting Person in connection with his services to the Issuer as the Issuer's Chief Executive Officer and Chairman.
Item 4.	Purpose of Transaction
	As of the date of the filing of this Amendment No. 1, the Reporting Person does not have a plan or proposal that relates to or would result in any of the transactions enumerated in sub items (a) through (j) of the instructions to Item 4 of this Schedule 13D. Notwithstanding the foregoing, the Reporting Person reserves the right to effect any such actions as any of them may deem necessary or appropriate in the future.
Item 5.	Interest in Securities of the Issuer
(a)	As of the date of the filing of this Amendment No. 1, the Reporting Person currently beneficially owns an aggregate of 1,435,260 shares of Common Stock, which represents 12.3% of the outstanding shares of Common Stock of the Issuer. Such percentage and the percentages below are calculated based on 10,518,932 shares of Common Stock outstanding as of May 13, 2025 (as reported in the Issuer's Form 10-Q filed with the SEC on May 14, 2025).
(b)	As of the date of the filing of this Amendment No. 1, the Reporting Person currently beneficially owns an aggregate of 1,435,260 shares of Common Stock, which represents 12.3% of the outstanding shares of Common Stock of the Issuer. Such percentage and the percentages below are calculated based on 10,518,932 shares of Common Stock outstanding as of May 13, 2025 (as reported in the Issuer's Form 10-Q filed with the SEC on May 14, 2025).
(c)	Except as described below, there have been no transactions in the class of securities reported on that were effected within the 60 days prior to the filing of this Amendment No. 1. On June 15, 2022, Issuer issued to the Reporting Person an option to purchase 333,334 Shares. The vesting of such option depended in part on the Issuer's share price meeting various share price targets. One such share price target was an amount equal to the "Guaranteed Price," as such term is defined in that certain Agreement and Plan of Merger dated November 12, 2021 (as amended the "Merger Agreement") by and among the Issuer, Reflect Systems, Inc., a Delaware corporation ("Reflect"), CRI Acquisition Corporation, a Delaware corporation, and RSI Exit Corporation, a Texas corporation and representative of the former stockholders of Reflect ("RSI"). Under the terms of the stock option agreement governing such option, as amended on February 17, 2025, the option was to vest on or before the date on which the Guaranteed Price was agreed upon by the Issuer and RSI or finally determined in accordance with the terms of the Merger Agreement. On March 14, 2025, the Issuer and RSI settled and resolved a dispute related to the Guaranteed Consideration. On June 2, 2025, in consideration of the Reporting Person's efforts in resolving and settling such dispute, the Compensation Committee of the Issuer fully vested the option and the Issuer and the Reporting Person executed a second amendment to the stock option agreement. On June 2, 2025, the Issuer granted to the Reporting Person an option to purchase 206,000 shares of Common Stock from the Issuer's 2023 Stock Incentive Plan (as amended, the "Plan"). The option is scheduled to vest in three equal annual installments on June 2, 2026, June 2, 2027 and June 2, 2028, subject to the Reporting Person's continuing service as of such vesting dates. On June 2, 2025, the Reporting Person purchased 16,000 shares of Common Stock in open market purchases at a weighted average price of $3.2614 per share, in purchases ranging from $2.9850 to $3.4599 per share. On July 3, 2025, the Issuer granted to the Reporting Person 450,000 restricted stock units (the "RSUs") from the Plan. The RSUs vest in equal installments on each of December 31, 2025, July 3, 2027 and July 3, 2028, subject to the Reporting Person's continued service to the Issuer on the applicable vesting date, and all unvested RSUs will accelerate and vest in their entirety upon the earliest of the Issuer's termination of the Reporting Person's employment without "cause," a "Sale Transaction" occurring under the Plan, or the death or disability of the Reporting Person. The vested RSUs will be settled in shares of the Common Stock on a one-for-one basis upon the earliest of the Reporting Person's termination of employment with the Issuer, the death or disability of the Reporting Person, or a change of control of the Issuer. The RSUs are subject to the terms of the Plan and a restricted stock unit agreement.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of Schedule 13D is amended to include the second amendment to stock option agreement, the Plan, a form of stock option agreement and the restricted stock unit agreement attached as exhibits 10.4-10.7, which are hereby incorporated by reference.
Item 7.	Material to be Filed as Exhibits.
	Exhibit Number Description of Exhibits 10.4 Second Amendment to Stock Option Agreement (incorporated by reference to Exhibit 10.1 of the Issuer's Current Report on Form 8-K filed with the SEC on June 4, 2025) (https://www.sec.gov/Archives/edgar/data/1356093/000143774925019438/ex_826716.htm) 10.5 2023 Stock Incentive Plan, as amended (incorporated by reference to Exhibit 10.10 of the Issuer's Annual Report on Form 10-K filed with the SEC on March 14, 2025) (https://www.sec.gov/Archives/edgar/data/1356093/000143774925007738/ex_784710.htm) 10.6 Form of Stock Option Agreement (incorporated by reference to Exhibit 10.2 of the Issuer's Current Report on Form 8-K filed with the SEC on June 4, 2025) (https://www.sec.gov/Archives/edgar/data/1356093/000143774925019438/ex_826717.htm) 10.7 Restricted Stock Unit Agreement dated July 3, 2025 by and between the Issuer and Richard Mills (incorporated by reference to Exhibit 10.1 of the Issuer's Current Report on Form 8-K filed with the SEC on July 3, 2025) (https://www.sec.gov/Archives/edgar/data/1356093/000143774925022158/ex_836251.htm)

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MILLS RICHARD C

Signature:	/s/ Richard C. Mills
Name/Title:	Richard C. Mills
Date:	07/08/2025

FAQ

How many CREX shares does CEO Richard C. Mills now beneficially own?

He reports 1,435,260 shares, representing 12.3 % of outstanding common stock.

What recent equity grants were made to the CREX CEO?

On 2-Jun-2025 an option for 206,000 shares was granted; on 3-Jul-2025 450,000 RSUs were awarded.

Did Richard C. Mills buy CREX shares with cash?

Yes, he purchased 16,000 shares on 2-Jun-2025 at a $3.2614 average price using personal funds.

Will the new RSUs vest immediately?

No. They vest in three installments (Dec-2025, Jul-2027, Jul-2028) unless accelerated by specific events.

Does the CEO plan to change control or strategy at Creative Realities?

The filing states no current plans related to mergers, sales, or other control-changing actions.