KVH Form 4: Deckoff Discloses 3.4M Shares via Black Diamond, 13,637 New RSUs

Rhea-AI Filing Summary

Stephen H. Deckoff, a director and 10% owner of KVH Industries, Inc. (KVHI), reported a restricted stock grant and his beneficial holdings. On 08/21/2025 Mr. Deckoff was granted 13,637 shares of restricted common stock under KVH's 2016 Amended and Restated Equity & Incentive Plan; the award vests in four installments on 11/21/2025, 02/21/2026, 05/21/2026 and 08/21/2026, contingent on his board service on each date. The Form 4 shows 13,637 shares owned directly after the grant and 3,396,527 shares held indirectly by Black Diamond vehicles that Mr. Deckoff manages, with a disclaimer of beneficial ownership except for his pecuniary interest. The filing notes prior transfers of vested shares to Black Diamond and states the grant price was $0.

Positive

• Restricted stock grant disclosed: 13,637 shares awarded on 08/21/2025 with clear vesting schedule
• Large disclosed indirect holding: 3,396,527 shares held by Black Diamond vehicles managed by Mr. Deckoff, improving transparency

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received time‑based restricted shares; substantial indirect holdings remain with Black Diamond vehicles.

The restricted stock grant of 13,637 shares is a routine board compensation event and vests over roughly one year in four installments tied to continued board service. The filing also clarifies that 3,396,527 common shares are held by Black Diamond investment vehicles, for which Mr. Deckoff is the managing principal, and he disclaims beneficial ownership except for any pecuniary interest. The direct addition of 13,637 shares is small relative to the large indirect position but is material as disclosure of related‑party holdings and compensation.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 reporting: time‑based grants and transfer mechanics are clearly documented.

The Form 4 documents a standard restricted stock award under the company's equity plan with explicit vest dates and a contingency on board service, which supports good governance transparency. The explanatory footnotes appropriately describe record ownership by Black Diamond vehicles, the reporting person’s role as adviser, and disclaimers of beneficial ownership except for pecuniary interest. Prior exempt transfer of vested shares to Black Diamond is noted, consistent with Rule 16a‑13 treatment.

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^*

Deckoff Stephen H

(Last) (First) (Middle)

5330 YACHT HAVEN GRANDE

SUITE 100

(Street)

ST. THOMAS VI 00802

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KVH INDUSTRIES INC \DE\ [ KVHI ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

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	08/21/2025		A(1)		13,637	A	$0	13,637(4)	D(2)
Common Stock								3,396,527(4)	I(3)	See footnote 3(3)

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. Restricted stock grant for continuation on KVH's board of directors issued pursuant to the terms & conditions of KVH Industries' 2016 Amended and Restated Equity & Incentive Plan. Restricted stock will vest in four installments on each of 11/21/2025, 2/21/2026, 5/21/2026, and 8/21/2026, provided Mr. Deckoff is still a board member of KVH Industries, Inc. on each vesting date.

2. These shares of restricted stock are held of record by Mr. Deckoff for the benefit of BDCM CT, L.L.C. (formerly known as Black Diamond Capital Management, L.L.C.) and/or certain Black Diamond investment vehicles managed by Black Diamond (the "Black Diamond vehicles") and will be transferred to Black Diamond upon vesting and settlement. Mr. Deckoff disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein.

3. These shares of Common Stock ("Shares") are held directly by the Black Diamond vehicles. Mr. Deckoff is the Managing Principal of the adviser to the Black Diamond vehicles. Mr. Deckoff disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein.

4. Reported amounts have been adjusted to reflect the transfer, since the most recent Form 4 filed on December 18, 2024, of 12,473 Shares from Mr. Deckoff to Black Diamond upon the vesting and settlement of restricted stock previously granted to Mr. Deckoff, which transfer was exempt from Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), by virtue of Rule 16a-13 thereunder.

	/s/ Stephen H. Deckoff	08/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Stephen H. Deckoff report on Form 4 for KVHI?

The Form 4 reports a restricted stock grant of 13,637 shares on 08/21/2025 and discloses 3,396,527 shares held indirectly by Black Diamond vehicles.

When do the restricted shares granted to Mr. Deckoff vest?

The restricted shares vest in four installments on 11/21/2025, 02/21/2026, 05/21/2026, and 08/21/2026, contingent on his continued board service.

What is the reported price of the restricted stock grant?

The restricted stock grant is reported with a price of $0 on the Form 4.

Who holds the 3,396,527 shares reported on the Form 4?

Those shares are held directly by Black Diamond investment vehicles; Mr. Deckoff is the Managing Principal of the adviser to those vehicles and disclaims beneficial ownership except for his pecuniary interest.

Were any prior transfers disclosed in the filing?

Yes. The filing notes that 12,473 shares were previously transferred from Mr. Deckoff to Black Diamond upon vesting, as reflected in the reported amounts.