InfuSystem (INFU) Form 4 — Shuda Reports Distribution and Sale From Dissolved Partnership

Rhea-AI Filing Summary

InfuSystem Holdings insider Scott Shuda reported changes in beneficial ownership. Mr. Shuda, identified as a director, disclosed indirect ownership of 298,383 shares through entities Meridian and BlueLine. He recorded a distribution on 07/07/2025 that reduced holdings by 2,242 shares and a sale on 08/22/2025 of 5,752 shares at an average price of $9.67 (individual sale prices ranged $9.57–$9.83). Following the reported transactions, the filing shows 94,000 shares owned (direct or indirect) after the August sale. The Form 4 notes the sold shares originated from a dissolved partnership and no further sales are planned relating to that partnership.

Positive

• Transparency: Filing discloses the source of sold shares (dissolved partnership) and offers to provide per-transaction sale prices on request.
• Clarification of control: Reports that Mr. Shuda holds voting and dispositive power over shares held by Meridian and BlueLine.
• No remaining partnership shares: States that no shares remain relating to the dissolved partnership and no further sales are planned for those shares.

Negative

• Insider sales: Sale of 5,752 shares on 08/22/2025 reduces insider-associated holdings and increases free float tied to a director.
• Ownership reduction: Reported post-transaction beneficial ownership appears lower (94,000 shares) than prior indirect totals, reflecting disposals.

Insights

Corporate Governance Expert

TL;DR: Director reported distribution and small open-market sales from dissolved partnership holdings; beneficial ownership clarified.

The filing clarifies Mr. Shuda's indirect control over 298,383 shares via two investment entities and documents the transfer and sale of partnership-held shares after dissolution of Meridian TSV II, LP. The disclosure helps remove ambiguity about source and disposition of these shares by stating distributions to a former partner and sales for remaining partners. The statement that no partnership-related shares remain and no further sales are planned (with respect to that partnership) materially clarifies ongoing insider supply risk tied to the dissolved vehicle.

Securities Analyst

TL;DR: Small-volume insider sales at ~$9.57–$9.83 do not by themselves indicate major change to ownership control.

The transactions reported (2,242-share distribution and 5,752-share sale) are modest relative to the total indirect holdings disclosed. The August sale price range is explicitly provided and the filer offers to supply per-transaction prices on request, supporting transparency. The Form 4 includes a clear ownership post-transaction figure (94,000 shares) which investors can use to update holdings tables.

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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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^*

Shuda Scott

(Last) (First) (Middle)

C/O INFUSYSTEM HOLDINGS, INC.

3851 WEST HAMLIN ROAD

(Street)

ROCHESTER HILLS MI 48309

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
InfuSystem Holdings, Inc [ INFU ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

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								298,383	I	Footnote 1(1)
Common Stock	07/07/2025		J		2,242(2)	D	$0	99,752	D
Common Stock	08/22/2025		S		5,752	D	$9.67(2)	94,000	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. Mr. Shuda serves as Managing Director of (i) TSV Investment Partners, LLC, which is the sole general partner of Meridian OHC Partners, LP ("Meridian") and (ii) BlueLine Partners, LLC, which is the sole general partner of BlueLine Capital Partners II ("BlueLine"). Accordingly, Mr. Shuda holds voting and dispositive power over the Common Stock held by Meridian and BlueLine. Mr. Shuda disclaims beneficial ownership for purposes of Rule 13d-3 with respect to the Common Stock held by Meridian and BlueLine.

2. The transactions relate to shares originally held by a partnership, Meridian TSV II, LP, that was dissolved with the result of Mr. Shuda taking custody of the shares. In July 2025, Mr. Shuda distributed shares to one former member of the partnership and in August 2025, Mr. Shuda sold shares for the benefit of the other partners. No shares remain relating to the partnership and no other shares are planned to be sold. The price reported in Column 4 is an average price. These shares were sold in multiple transactions at prices ranging from $9.57 to $9.83. The reporting person undertakes to provide the company or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

	/s/ Kevin R. Whitman, Attorney-in-Fact for Scott Shuda	08/22/2025
	** 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 transactions did INFU director Scott Shuda report on Form 4?

He reported a 07/07/2025 distribution of 2,242 shares and a sale of 5,752 shares on 08/22/2025 with proceeds reflected at an average price of $9.67 (range $9.57–$9.83).

How many InfuSystem (INFU) shares does Scott Shuda control indirectly?

The filing discloses indirect control over 298,383 shares through TSV Investment Partners/Meridian and BlueLine Partners/BlueLine, with 94,000 shares shown following reported transactions.

Why were the shares sold and where did they originate?

The shares originated from Meridian TSV II, LP, which was dissolved; distributions were made to a former partner and remaining shares were sold for the benefit of other partners, per the filing.

Are there plans for additional sales related to the dissolved partnership?

No; the filing states no shares remain relating to the partnership and no other shares are planned to be sold with respect to that partnership.

What price did the August 2025 sales of INFU shares occur at?

The filing reports an average price of $9.67 and specifies individual sale prices ranged from $9.57 to $9.83.