Red Cat (NASDAQ: RCAT) director converts 7,429 RSUs into common stock

Rhea-AI Filing Summary

Red Cat Holdings director Joseph David Freedman settled restricted stock units into common shares. On April 30, 2026, 7,429 restricted stock units vested and were converted into 7,429 shares of Red Cat common stock at no cash exercise price. Following this settlement, he directly held 342,689 shares of common stock. The RSUs were originally granted on May 22, 2025, and this transaction reflects routine equity compensation vesting rather than an open-market purchase or sale.

Insider Trade Summary

7,429 shares exercised/converted

Mixed 2 txns

Insider Freedman Joseph David

Role null

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	7,429	$0.00	--
Exercise	Common Stock	7,429	$0.00	--

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct, null); Common Stock — 342,689 shares (Direct, null)

Footnotes (1)

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Key Figures

RSUs settled: 7,429 units Common shares received: 7,429 shares Shares held after transaction: 342,689 shares +3 more

6 metrics

RSUs settled 7,429 units Restricted stock units vested and settled on April 30, 2026

Common shares received 7,429 shares Shares of Red Cat common stock issued upon RSU settlement

Shares held after transaction 342,689 shares Direct common stock holdings following April 30, 2026 settlement

RSU grant date May 22, 2025 Date 7,429 restricted stock units were originally granted

RSU vesting date April 30, 2026 Scheduled vesting and settlement date for the 7,429 RSUs

Exercise price per RSU $0.00 Restricted stock units converted to shares at no cash exercise price

Key Terms

Restricted Stock Units, contingent right, scheduled vesting date, Exercise or conversion of derivative security

4 terms

Restricted Stock Units financial

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

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 of RCAT common stock."

scheduled vesting date financial

"This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date."

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

Form 4 Insider Transactions: What Each Field Means →

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^*

Freedman Joseph David

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

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	04/30/2026		M		7,429	A	(1)	342,689	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)	04/30/2026		M			7,429	(1)	(1)	Common Stock	7,429	(1)	0	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On May 22, 2025, the reporting person was granted 7,429 restricted stock units. The restricted stock units vested on April 30, 2026. This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date.

	/s/ Joseph Freedman	05/04/2026
	** 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)

FAQ

What insider transaction did RCAT director Joseph David Freedman report?

He reported the vesting and settlement of 7,429 restricted stock units into 7,429 shares of Red Cat common stock. This was a compensation-related equity conversion, not an open-market stock purchase or sale, and reflects scheduled vesting under a prior equity grant.

How many RCAT shares does Joseph David Freedman hold after this Form 4?

After the April 30, 2026 transaction, Joseph David Freedman directly holds 342,689 shares of Red Cat common stock. This figure includes the 7,429 shares received from the settlement of vested restricted stock units disclosed in this Form 4 filing.

What are the details of the restricted stock units reported for RCAT?

Each restricted stock unit represents a contingent right to receive one share of Red Cat common stock. Freedman was granted 7,429 restricted stock units on May 22, 2025, and they vested on April 30, 2026, when they were settled into common shares.

Was the RCAT insider transaction a stock purchase or sale on the market?

No, the transaction was not an open-market purchase or sale. It was the settlement of previously granted restricted stock units into common shares on their scheduled vesting date, with no cash exercise price involved in the conversion.

What does transaction code M mean in this RCAT Form 4 filing?

Transaction code M indicates an exercise or conversion of a derivative security. In this case, it reflects the conversion of 7,429 restricted stock units into an equal number of Red Cat common shares when the restricted stock units vested on April 30, 2026.