MIGI insider: 113,473 RSUs converted to shares, holdings 183,473

Rhea-AI Filing Summary

Ryan Costello, a director of Mawson Infrastructure Group Inc. (MIGI), had 113,473 restricted stock units settled into common stock on 09/30/2025. Those RSUs were originally granted on 07/01/2024 and vested on 06/12/2025. After the settlement the reporting person beneficially owns 183,473 shares of common stock. The RSUs were issued under the 2024 Omnibus Equity Incentive Plan and may be settled in one share per unit, cash equal to fair market value, or a combination at the plan administrator's discretion. The Form 4 reports the acquisition code M and lists the securities acquired as a result of settlement.

Positive

• 113,473 RSUs were settled into common stock, increasing insider alignment
• Reporting person’s beneficial ownership increased to 183,473 shares

Negative

• None.

Insights

Corporate Governance Analyst

Director received equity settlement increasing holdings to 183,473 shares.

The filing shows a non-cash settlement of 113,473 restricted stock units into common stock under the 2024 Omnibus Equity Incentive Plan. This is a routine equity compensation event tied to prior grant and vesting, not a market purchase or sale.

Because the units were discretionary in settlement form, the administrator could have chosen cash; here the units were settled into shares, increasing the director's beneficial ownership to 183,473.

Compensation & Equity Specialist

RSU grant (07/01/2024) vested (06/12/2025) and settled on 09/30/2025.

The transaction code M and the explanation confirm these were previously granted RSUs that vested and were settled, converting units into 113,473 shares. Such settlements are part of standard long‑term incentive programs and affect share count and insider ownership levels.

This increases the director's direct ownership to 183,473, a quantifiable change investors can track when evaluating insider alignment with shareholders.

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
Estimated average burden
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).

1. Name and Address of Reporting Person^*

Costello Ryan

(Last) (First) (Middle)

C/O MAWSON INFRASTRUCTURE GROUP INC.

950 RAILROAD AVENUE

(Street)

MIDLAND PA 15059

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Mawson Infrastructure Group Inc. [ MIGI ]

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)
09/30/2025

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	09/30/2025		M		113,473	A	(1)	183,473	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
Restricted Stock Units	(1)	09/30/2025		M			113,473	(2)	(2)	Common Stock	113,473	$0	0	D

Explanation of Responses:

1. Each restricted stock unit is issued under and subject to the terms of the Mawson Infrastructure Group Inc 2024 Omnibus Equity Incentive Plan ("Plan"), and represents the right to receive, at settlement, one share of common stock, an equivalent cash amount at fair market value, or a combination, at the discretion of the Administrator of the Plan.

2. On July 1, 2024, the reporting person was granted 113,473 restricted stock units, which vested on June 12, 2025 and were settled on September 30, 2025.

	/s/ Ryan Costello	10/02/2025
	** 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 did Mawson Infrastructure Group Inc. (MIGI) report in this Form 4?

The Form 4 reports that director Ryan Costello had 113,473 restricted stock units settled into common stock on 09/30/2025.

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

After the settlement the reporting person beneficially owns 183,473 shares of Mawson common stock.

When were the RSUs granted and when did they vest?

The RSUs were granted on 07/01/2024 and vested on 06/12/2025 before being settled on 09/30/2025.

Under what plan were the RSUs issued?

The RSUs were issued under the Mawson Infrastructure Group Inc. 2024 Omnibus Equity Incentive Plan and may be settled in stock, cash, or a combination at the administrator's discretion.

What does transaction code 'M' mean on the Form 4?

Code M indicates a transaction related to the conversion or settlement of a derivative security, here the settlement of RSUs into common stock as disclosed on the form.