RCAT: Director Paul Funk II converts 868 RSUs to 868 shares

Rhea-AI Filing Summary

Red Cat Holdings, Inc. director Paul Funk II received 868 restricted stock units (RSUs), each representing the contingent right to one share of RCAT common stock. The RSUs vested on 10/02/2025, converting into 868 shares held directly by Mr. Funk at a reported acquisition price of $0 per share. This transaction reflects a routine equity grant payout converting compensation awards into ordinary shares rather than an open-market purchase or sale. The position after vesting is 868 shares of common stock held directly.

Positive

• Director increased direct shareholding by 868 shares via vested RSUs
• No cash outlay for the acquisition (reported price $0)
• Vesting completed on 10/02/2025, making shares immediately owned and reportable

Negative

• None.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Funk Paul II

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	868	$0.00	--

Holdings After Transaction: Restricted Stock Units — 868 shares (Direct)

Footnotes (1)

1. Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. The restricted stock units vest 10/2/2025.

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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^*

Funk Paul II

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/02/2025

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)	10/02/2025		A		868		(2)	(2)	Common Stock	868	$0	868	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 10/2/2025.

	/s/ Paul Funk II	10/06/2025
	** 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

What did Red Cat (RCAT) director Paul Funk II report on Form 4?

He reported the vesting and acquisition of 868 restricted stock units, which converted into 868 shares of common stock held directly.

When did the RSUs vest for Paul Funk II at RCAT?

The restricted stock units vested on 10/02/2025.

How much did Paul Funk II pay for the shares received from RSU vesting?

The reported acquisition price was $0 per share, indicating the shares resulted from compensation vesting.

How many RCAT shares does Paul Funk II own after this transaction?

Following the reported transaction, he directly owns 868 shares of common stock.

Does this Form 4 indicate any open-market trading by the director?

No. The filing documents conversion of RSUs into shares upon vesting, not an open-market purchase or sale.