Innovative Solutions & Support CEO exercises 201,000 PSUs at $0

Rhea-AI Filing Summary

Innovative Solutions & Support, Inc. (ISSC) reported an insider equity transaction by its Chief Executive Officer and director. On 11/20/2025, the reporting person exercised 201,000 performance stock units, which converted into an equal number of shares of common stock at an exercise price of $0, coded as an M transaction. Following this conversion, the insider beneficially owns 572,317 shares of ISSC common stock directly. The performance stock units had been granted on November 20, 2024 and were designed to vest in three equal tranches when the company’s share price reached specified targets.

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).

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^*

Askarpour Shahram

(Last) (First) (Middle)

C/O INNOVATIVE SOLUTIONS & SUPPORT, INC.

720 PENNSYLVANIA DRIVE

(Street)

EXTON PA 19341

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
INNOVATIVE SOLUTIONS & SUPPORT INC [ ISSC ]

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)
11/20/2025

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	11/20/2025		M		201,000	A	(1)	572,317	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
Performance Stock Units	(1)	11/20/2025		M			201,000	(2)	(2)	Common Stock	201,000	$0	0	D

Explanation of Responses:

1. Performance stock units convert into common stock on a one-for-one basis.

2. On November 20, 2024, the reporting person was granted 201,000 Performance Stock Units, which vest, subject to the terms of the Innovative Solutions and Support, Inc. 2019 Stock-Based Incentive Compensation Plan, in three equal tranches upon the issuer's common stock achieving specified prices per share.

	/s/ Jeffrey DiGiovanni (Attorney-in-fact)	11/24/2025
	** 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.
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FAQ

What insider transaction did ISSC report in this Form 4?

The Chief Executive Officer and director of Innovative Solutions & Support, Inc. (ISSC) reported exercising 201,000 performance stock units, which converted into common stock on 11/20/2025 as an M-coded transaction.

How many ISSC shares does the reporting person own after this transaction?

After the reported transaction, the insider beneficially owns 572,317 shares of ISSC common stock in direct ownership form.

What are the terms of the 201,000 performance stock units reported by ISSC?

The 201,000 performance stock units were granted on November 20, 2024 under the Innovative Solutions and Support, Inc. 2019 Stock-Based Incentive Compensation Plan and vest in three equal tranches when ISSC’s common stock reaches specified per-share price levels.

What is the conversion ratio for ISSC performance stock units into common stock?

Each performance stock unit converts into one share of ISSC common stock on a one-for-one basis, as stated in the explanation of responses.

What exercise price applied to the ISSC performance stock units in this Form 4?

The performance stock units converted into common stock at an exercise price of $0, according to Table II of the filing.

Does the reporting person still hold any ISSC performance stock units after this transaction?

After the conversion of 201,000 performance stock units into common stock, the number of derivative securities beneficially owned is reported as 0 in Table II.

What positions does the reporting person hold at Innovative Solutions & Support (ISSC)?

The reporting person is identified as both a Director and an Officer, serving as Chief Executive Officer of Innovative Solutions & Support, Inc.