Forge Global (FRGE) Form 4: CEO Forfeits 155,935 Unvested RSUs

Rhea-AI Filing Summary

Forge Global Holdings insider filing: Kelly Rodriques, who serves as Chief Executive Officer and a director, reported a voluntary forfeiture of 155,935 restricted stock units on 09/22/2025. The forfeiture was recorded as a disposition at a $0 price under transaction code J because the award was unvested and unsettled. After the reported transaction, the filing shows Rodriques beneficially owns 413,394 shares directly and 4,718 shares indirectly via a trust for a Roth IRA.

Positive

• Continued ownership: Reporting person retains 413,394 shares directly and 4,718 indirectly, showing ongoing insider stake.
• Clear disclosure: Filing explicitly states the forfeiture was of unvested RSUs and includes signature by attorney-in-fact, meeting reporting formality.

Negative

• Forfeiture of unvested RSUs: A voluntary forfeiture of 155,935 restricted stock units reduced the reporter's potential future equity.
• No new grants disclosed: The filing shows a reduction in unvested compensation with no accompanying replacement awards reported.

Insights

Securities Analyst

TL;DR: CEO forfeited unvested RSUs, modestly reducing insider holdings; filing appears procedural without new compensation grants.

The Form 4 documents a voluntary forfeiture of 155,935 RSUs that were unvested and therefore disposed of at $0 on 09/22/2025. The reporting person remains CEO and a director and retains 413,394 shares directly plus 4,718 indirectly. The filing is limited to the forfeiture event and includes signature by an attorney-in-fact. There are no derivative transactions or new grants disclosed.

Corporate Governance Expert

TL;DR: Governance action reflects forfeiture of unvested awards; documentation complies with Section 16 reporting requirements.

The submission notes the nature of the disposition as a voluntary forfeiture of previously granted RSUs from June 15, 2023, that were unvested at forfeiture. The Form 4 indicates individual filing status and provides the reporter's role. The disclosure is concise and limited to a single material action affecting insider equity position; no other governance changes are reported.

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
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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).

1. Name and Address of Reporting Person^*

Rodriques Kelly

(Last) (First) (Middle)

4 EMBARCADERO CENTER, FLOOR 15

(Street)

SAN FRANCISCO CA 94111

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Forge Global Holdings, Inc. [ FRGE ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

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, $0.0001 par value per share	09/22/2025		J		155,935(1)	D	$0	413,394	D
Common Stock, $0.0001 par value per share								4,718	I	By Forge Trust Co CFBO Kelly Rodriques Roth IRA

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. Reflects a voluntary forfeiture by the reporting person of restricted stock units ("RSUs") that were previously granted on June 15, 2023. At time of forfeiture the RSU award was not vested or settled, in full or in part.

Remarks:

	/s/ James Nevin, Attorney-in-Fact	09/24/2025
	** 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.

FAQ

What did Kelly Rodriques report on Form 4 for FRGE?

Kelly Rodriques reported a voluntary forfeiture of 155,935 RSUs that were unvested, recorded as a disposition at $0 on 09/22/2025.

How many Forge Global (FRGE) shares does the reporting person own after the transaction?

413,394 shares directly and 4,718 shares indirectly via Forge Trust Co CFBO Kelly Rodriques Roth IRA, as shown in the filing.

Why were the 155,935 RSUs disposed of according to the Form 4?

The RSU award was voluntarily forfeited and at the time of forfeiture it was unvested and unsettled in full or in part, per the filing.

When was the transaction dated and when was the Form 4 signed?

Transaction date: 09/22/2025. Form signed by attorney-in-fact: James Nevin on 09/24/2025, per the filing.

Did the Form 4 report any derivative transactions or new option grants for FRGE?

No. The filing contains only a non-derivative RSU forfeiture and lists no derivative securities or new grants.