Red Cat Holdings, Inc. Insider Trading Activity

Red Cat Holdings Chief Financial Officer Morrison Christian Spenst received equity compensation in the form of restricted stock units on March 31, 2026.

Rhea-AI Filing Summary

Red Cat Holdings Chief Financial Officer Morrison Christian Spenst received equity compensation in the form of restricted stock units on March 31, 2026. He was granted 1,688 restricted stock units (RSUs), each representing a contingent right to receive one share of RCAT common stock. Twenty-five percent of the RSUs vested immediately, and the remaining 75% are scheduled to vest on December 31, 2026. On the same date, he exercised 422 RSUs into common stock at a conversion price of $0.00 and had 145 shares of common stock withheld at an implied price of $13.09 per share to cover tax obligations, leaving him with 277 shares of common stock directly held after these transactions.

Insider Trade Summary

422 shares exercised/converted

Exercise 4 txns

Insider Morrison Christian Spenst

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	1,688	$0.00	$0.00
Exercise	Restricted Stock Units	422	$0.00	$0.00
Exercise	Common Stock	422	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	145	$13.09	$2K

Holdings After Transaction: Restricted Stock Units — 1,266 contracts (Direct); Common Stock — 277 shares (Direct)

Footnotes (2)

1. F1. Each restricted stock unit represents a contingent right to receive one share of RCAT common stock.
2. F2. On March 31, 2026, the reporting person was granted 1,688 restricted stock units, vesting in two installments: 25% of the shares underlying the restricted stock units vested immediately and 75% of the shares underlying the restricted stock units will vest on December 31, 2026.

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Accepted by SEC EDGAR 04/13/2026 - 06:10 PM EDT Learn about SEC filing dates

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^*

Morrison Christian Spenst

(Last) (First) (Middle)

C/O RED CAT HOLDINGS INC.

2800 S WEST TEMPLE SUITE 5

(Street)

SOUTH SALT LAKE UTAH 84115

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Red Cat Holdings, Inc. [ RCAT ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	03/31/2026		M		422	A	(1)	422	D
Common Stock	03/31/2026		F		145	D	$13.09	277	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)	03/31/2026		A		1,688		(2)	(2)	Common Stock	1,688	$0	1,688	D
Restricted Stock Units	(1)	03/31/2026		M			422	(2)	(2)	Common Stock	422	$0	1,266	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of RCAT common stock.

2. On March 31, 2026, the reporting person was granted 1,688 restricted stock units, vesting in two installments: 25% of the shares underlying the restricted stock units vested immediately and 75% of the shares underlying the restricted stock units will vest on December 31, 2026.

Remarks:

	/s/ Christian Morrison	04/13/2026
	** 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.
* Form 4: SEC 1474 (03-26)