Red Cat (RCAT) CFO receives 30,150 restricted stock units with 2-year vesting

Rhea-AI Filing Summary

Red Cat Holdings, Inc. reported an equity award to its Chief Financial Officer, Christian Morrison. On December 2, 2025, the CFO received 30,150 restricted stock units, each representing the right to receive one share of Red Cat common stock. The units were reported as derivative securities with a price of $0 and are held as direct beneficial ownership.

The restricted stock units will vest in two equal installments: 50% on December 2, 2026, and 50% on December 2, 2027, contingent on the CFO’s continued employment with Red Cat Holdings, Inc. The report notes that it was filed outside the usual filing period due to an administrative delay in obtaining EDGAR filing credentials amid a high volume of submissions.

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

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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)

15 AVENIDA MUNOZ RIVERA

STE 2200

(Street)

SAN JUAN PR 00901

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/02/2025

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

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)	12/02/2025		A		30,150		(2)	(2)	Common Stock	30,150	$0	30,150	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 will vest in two equal annual installments: 50% on December 2, 2026, and 50% on December 2, 2027. Vesting of the restricted stock units is subject to the continuing employment by the Reporting Person with Red Cat Holdings, Inc.

Remarks:

This Form 4 is being filed outside the required filing period due solely to an administrative delay in the reporting persons receipt of EDGAR filing credentials from the SEC which was due to a high volume of submissions at the time. The reporting person undertook the steps necessary to obtain such credentials promptly following the reportable transaction but did not receive them in time to make a timely filing. This Form 4 has been submitted promptly upon receipt of the required EDGAR filing credentials.

	/s/ Christian Morrison	12/17/2025
	** 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).
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FAQ

What insider transaction did Red Cat (RCAT) disclose in this Form 4?

Red Cat disclosed that its Chief Financial Officer, Christian Morrison, received 30,150 restricted stock units on December 2, 2025, each representing one share of Red Cat common stock.

How many restricted stock units did the Red Cat (RCAT) CFO receive and at what price?

The CFO received 30,150 restricted stock units. The filing lists the price of the derivative security as $0, reflecting the grant of equity awards rather than an open-market purchase.

What is the vesting schedule for the 30,150 RSUs granted by Red Cat (RCAT)?

The 30,150 restricted stock units will vest in two equal installments: 50% on December 2, 2026, and 50% on December 2, 2027, subject to the CFO’s continued employment with Red Cat Holdings, Inc.

What does each restricted stock unit represent in the Red Cat (RCAT) equity award?

Each restricted stock unit represents a contingent right to receive one share of Red Cat Holdings, Inc. common stock, as explained in the responses section.

Why was this Red Cat (RCAT) insider transaction reported late?

The report states it was filed outside the required period due solely to an administrative delay in the reporting person’s receipt of EDGAR filing credentials from the SEC during a period of high submission volume. It notes that the form was submitted promptly once those credentials were received.

Is the Red Cat (RCAT) CFO’s ownership reported as direct or indirect?

The filing reports the CFO’s 30,150 restricted stock units as direct (D) beneficial ownership following the transaction.