[Form 4] Pulmonx Corporation Insider Trading Activity

Rhea-AI Filing Summary

David Aaron Lehman, identified as General Counsel and officer of Pulmonx Corporation (ticker LUNG), reported four separate non-derivative stock dispositions on 09/02/2025. The Form 4 shows Mr. Lehman sold 929, 3,541, 2,068 and 3,231 shares, each at $1.60 per share. Each sale is explained as occurring to cover tax withholding obligations tied to Restricted Stock Units that vested from grants dated March 1, 2022, March 1, 2023, March 1, 2024, and March 3, 2025, respectively. The filing reports the reporting-person’s beneficial ownership following these transactions as 272,110, 268,569, 266,501 and 263,270 shares (direct ownership) after each reported disposition. The Form 4 is signed by Mr. Lehman on 09/03/2025.

Insights

Corporate Governance Expert

TL;DR: Routine insider share sales to cover tax withholding on vested RSUs; transparent and typical for executives.

The Form 4 discloses small, mechanically driven dispositions tied explicitly to tax withholding for RSU vesting across four grant years. The transactions are reported contemporaneously and include post-transaction beneficial ownership figures, supporting governance transparency. There is no indication of discretionary, opportunistic selling or of transactions outside the stated withholding purpose. For shareholders, these actions reflect compensation settlement mechanics rather than a change in insider conviction.

Securities Analyst

TL;DR: Insignificant volume insider sales at $1.60 to satisfy taxes; immaterial to capitalization and valuation.

The aggregate number of shares disposed (9,769 shares) and the uniform per-share price indicate tax-withholding dispositions tied to RSU vesting. The filing provides clear quantities and resulting direct ownership balances, enabling straightforward updates to insider ownership metrics. Absent other disclosures, these transactions are unlikely to affect market perception or company valuation materially.

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

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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^*

Lehman David Aaron

(Last) (First) (Middle)

C/O PULMONX CORPORATION

700 CHESAPEAKE DRIVE

(Street)

REDWOOD CITY CA 94063

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Pulmonx Corp [ LUNG ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		S(1)		929	D	$1.6	272,110	D
Common Stock	09/02/2025		S(2)		3,541	D	$1.6	268,569	D
Common Stock	09/02/2025		S(3)		2,068	D	$1.6	266,501	D
Common Stock	09/02/2025		S(4)		3,231	D	$1.6	263,270	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. These shares were sold by the reporting person to cover tax withholding obligations in connection with the vesting of the Restricted Stock Units (the "RSUs") granted on March 1, 2022.

2. These shares were sold by the reporting person to cover tax withholding obligations in connection with the vesting of the RSUs granted on March 1, 2023.

3. These shares were sold by the reporting person to cover tax withholding obligations in connection with the vesting of the RSUs granted on March 1, 2024.

4. These shares were sold by the reporting person to cover tax withholding obligations in connection with the vesting of the RSUs granted on March 3, 2025.

	/s/ David Aaron Lehman	09/03/2025
	** 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

Who filed the Form 4 for Pulmonx Corporation (LUNG)?

The Form 4 was filed by David Aaron Lehman, identified as General Counsel and an officer of Pulmonx Corporation.

What transactions did the reporting person disclose on 09/02/2025?

Mr. Lehman disclosed four sales of common stock on 09/02/2025: 929, 3,541, 2,068, and 3,231 shares, each at $1.60 per share.

Why were the shares sold according to the Form 4?

Each sale was executed to cover tax withholding obligations arising from RSUs that vested from grants dated March 1, 2022; March 1, 2023; March 1, 2024; and March 3, 2025.

What were the reporting person’s beneficial ownership balances after the transactions?

The Form 4 reports direct beneficial ownership following the reported transactions as 272,110, 268,569, 266,501, and 263,270 shares, respectively.

When was the Form 4 signed by the reporting person?

The Form 4 bears the signature of David Aaron Lehman dated 09/03/2025.