[Form 4] Pure Storage, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Funko, Inc. (FNKO) has filed an 8-K announcing a leadership change effective July 5, 2025. Current CEO Cynthia Williams will step down and resign from the Board. The Board has appointed director Michael Lunsford (age 58) as Interim Chief Executive Officer. Williams will receive severance benefits in line with her May 20 2024 employment agreement. Funko will amend this report within four business days to disclose any material compensation arrangements for Lunsford.

The filing does not indicate the reasons for Williams’s departure or provide details on a permanent CEO search. Continuity is partially addressed by elevating an existing director, but the use of an interim structure signals strategic and operational uncertainty until a permanent leader is selected.

Positive

• Swift appointment of an interim CEO limits operational disruption and signals board oversight.
• Severance governed by pre-existing contract, avoiding unanticipated payouts.

Negative

• CEO departure after approximately one year suggests potential strategic or performance issues.
• Interim leadership introduces uncertainty until a permanent CEO is named.
• Lack of disclosed reasons and pending compensation terms may erode investor confidence.

Insights

Corporate Governance Expert

TL;DR: Sudden CEO exit raises governance and strategy concerns; interim appointment limits near-term disruption.

Williams exits after roughly one year in the role, suggesting possible misalignment with the Board or performance challenges. An interim CEO drawn from the Board provides immediate oversight but underscores that succession planning was not fully settled. Investors typically view short-tenured CEO departures as a negative signal, often leading to uncertainty in product roadmaps, cost-control initiatives, and employee morale. The absence of disclosed cause, coupled with pending compensation details for Lunsford, increases opacity. Overall, this is a governance risk event that could pressure valuation multiples until a permanent leader and strategy are articulated.

Portfolio Manager

TL;DR: Management turnover is disruptive but impact on near-term cash flow appears limited; watch for strategic reset.

Funko’s interim solution mitigates operational gaps, and no guidance changes or financial restatements accompanied the announcement. However, CEO instability can defer long-term brand and inventory initiatives pivotal to margin recovery. Until the Board communicates a permanent hire and strategy, risk-adjusted discount rates may rise. If Lunsford’s interim tenure stabilizes sales trends, shares could rebound, but clarity is required. For now, maintain a neutral stance while monitoring additional disclosures.

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).

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^*

Singh Ajay

(Last) (First) (Middle)

2555 AUGUSTINE DRIVE

(Street)

SANTA CLARA CA 95054

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Pure Storage, Inc. [ PSTG ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2025

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
Class A Common Stock	07/02/2025		S		22,601	D	$55.45(1)	261,465	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. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.43 to $55.51 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, 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/ Todd Wheeler, attorney-in-fact	07/07/2025
	** 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

Why did Funko (FNKO) file an 8-K on July 2 2025?

The 8-K discloses CEO Cynthia Williams’s departure and the appointment of Michael Lunsford as interim CEO.

When will Cynthia Williams step down as Funko’s CEO?

July 5 2025 is the effective date for her transition.

Who is Funko’s new interim CEO?

Board member Michael Lunsford, age 58, will serve as interim CEO while retaining his directorship.

Will Cynthia Williams receive severance payments?

Yes. She is entitled to severance benefits under her May 20 2024 employment agreement.

Does the filing include Michael Lunsford’s compensation details?

No. Funko will amend the 8-K within four business days once compensation arrangements are determined.

Is Funko searching for a permanent CEO?

The filing implies a search by naming an interim CEO, but no timeline for a permanent replacement is provided.