Forge Global CEO Rodriques reports tax-sale of 11,000 FRGE shares

Rhea-AI Filing Summary

Kelly Rodriques, a director and the Chief Executive Officer of Forge Global Holdings, Inc. (FRGE), reported routine stock sales to cover tax obligations related to vesting restricted stock units. The Form 4 shows sales of 7,470 shares on 08/18/2025 at $20.5473 and 3,530 shares on 08/20/2025 at $19.7098. Following those transactions, the reporting person beneficially owned 572,332 shares directly and 4,718 shares indirectly through a Roth IRA held at Forge Trust Co.

Insights

Financial Analyst

TL;DR: Insider sold a small number of shares in tax-covering transactions; no indication of material change to economic stake.

The sales of 11,000 shares in total were executed across two dates and were disclosed as transactions to cover tax obligations from RSU vesting. The post-transaction direct holding of 572,332 shares remains intact and an additional 4,718 shares are held indirectly in a Roth IRA. These transactions are routine and described as non-discretionary tax-related sales rather than strategic liquidations.

Corporate Governance Expert

TL;DR: Disclosure is timely and follows standard Form 4 practice; stated purpose aligns with allowed Rule 10b5-1 defense note.

The Form 4 identifies the reporting person as both a director and the CEO and documents the signature by an attorney-in-fact on 08/20/2025. The filing includes an explicit explanation that shares were sold to satisfy tax obligations upon RSU vesting, which is a common and permissible reason under disclosure rules. No amendments or additional arrangements are indicated.

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

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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^*

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)
08/18/2025

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, $0.0001 par value per share	08/18/2025		S		7,470(1)	D	$20.5473	575,862	D
Common Stock, $0.0001 par value per share	08/20/2025		S		3,530(1)	D	$19.7098	572,332	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. The sales reported on this Form 4 represent shares of Common Stock sold by the Reporting Person to cover tax obligations in connection with the vesting of restricted stock units.

Remarks:

	/s/ James Nevin, Attorney-in-Fact	08/20/2025
	** 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 insider transactions did FRGE CEO Kelly Rodriques report?

Kelly Rodriques reported sales of 7,470 shares on 08/18/2025 at $20.5473 and 3,530 shares on 08/20/2025 at $19.7098.

Why were the FRGE shares sold by the reporting person?

The Form 4 states the sales were made to cover tax obligations in connection with the vesting of restricted stock units.

How many FRGE shares does Kelly Rodriques beneficially own after these transactions?

Following the reported transactions, the reporting person beneficially owned 572,332 shares directly and 4,718 shares indirectly via a Roth IRA.

When was the Form 4 signed and who signed it?

The filing shows a signature by James Nevin, Attorney-in-Fact dated 08/20/2025.

Do these Form 4 entries indicate a 10b5-1 trading plan?

The form includes the standard checkbox language but does not explicitly state that the transactions were made pursuant to a 10b5-1(c) plan; the explanation only cites tax-covering sales.