Red Cat director granted 7,429 restricted stock units

Funk Paul II reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Funk Paul II reported acquisition or exercise transactions in this Form 4 filing.

Red Cat Holdings director Paul Funk II received a grant of 7,429 restricted stock units. The award was made on May 22, 2025 as compensation, with no cash price per unit. Following the grant, Funk directly holds 7,429 restricted stock units.

Each unit represents a contingent right to receive one share of Red Cat common stock. The restricted stock units are scheduled to vest on April 30, 2026, meaning the shares will be delivered only if the vesting condition is satisfied and Funk remains eligible.

Insider Trade Summary

Grant/Award: 7,429 shares

Grant/Award 1 txn

Insider Funk Paul II

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	7,429	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 7,429 contracts (Direct)

Footnotes (2)

1. F1. Each restricted stock unit represents a contingent right to receive one share of RCAT common stock.
2. F2. The restricted stock units vest on April 30, 2026.

Key Figures

RSUs granted: 7,429 units Grant price per unit: $0.00 RSUs after transaction: 7,429 units +1 more

4 metrics

RSUs granted 7,429 units Restricted stock unit grant to director on May 22, 2025

Grant price per unit $0.00 Equity compensation with no cash exercise price

RSUs after transaction 7,429 units Total restricted stock units held directly following grant

Vesting date April 30, 2026 Scheduled vesting date for the restricted stock units

Key Terms

Restricted Stock Units, contingent right, vest, grant, award, or other acquisition

4 terms

Restricted Stock Units financial

"security_title: "Restricted Stock Units""

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

contingent right financial

"Each restricted stock unit represents a contingent right to receive one share"

vest financial

"The restricted stock units vest on April 30, 2026."

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Red Cat Holdings (RCAT) report for Paul Funk II?

Red Cat Holdings reported that director Paul Funk II received 7,429 restricted stock units as a grant on May 22, 2025. These units were awarded at no cash cost and represent equity-based compensation rather than an open-market purchase or sale of existing shares.

How many Red Cat (RCAT) restricted stock units were granted and what do they represent?

Paul Funk II was granted 7,429 restricted stock units, each representing a contingent right to receive one share of Red Cat common stock. This means, upon vesting, he can receive up to 7,429 common shares, aligning his compensation with the company’s equity performance over time.

When do the Red Cat (RCAT) restricted stock units granted to Paul Funk II vest?

The restricted stock units granted to Paul Funk II are scheduled to vest on April 30, 2026. Vesting means the units convert into common shares at that date, assuming the vesting conditions are met and he continues to satisfy any required service or eligibility terms.

What is Paul Funk II’s Red Cat (RCAT) equity position after this Form 4 transaction?

After the reported transaction, Paul Funk II directly holds 7,429 restricted stock units in Red Cat Holdings. These units, once vested, would deliver an equivalent number of common shares, providing him with equity exposure tied to the company’s future stock performance and long-term value creation.

Did Paul Funk II buy or sell Red Cat (RCAT) shares in the open market?

The filing shows a grant of 7,429 restricted stock units classified as an acquisition under a compensation award, not an open-market trade. No market purchase or sale occurred; instead, the company granted equity that will convert into common shares if the vesting conditions are met.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/29/2026 - 05:14 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^*

Funk Paul II

(Last) (First) (Middle)

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2025

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

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)	05/22/2025		A		7,429		(2)	(2)	Common Stock	7,429	$0.00	7,429	D

Explanation of Responses:

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

2. The restricted stock units vest on April 30, 2026.

	/s/ Paul Funk II	04/29/2026
	** 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)