Satellogic Insider Adds 131K Shares After RSU Vesting

Rhea-AI Filing Summary

Satellogic Inc. (SATL) filed a Form 4 disclosing that director Kelly J. Kennedy acquired 131,250 Class A common shares on 31 May 2025. The shares were received at $0 cost upon the full vesting of an identical number of restricted stock units (RSUs) granted on 4 Sep 2024. Transaction code “M” confirms the automatic conversion of derivative securities, and the filing notes no use of a Rule 10b5-1 trading plan. Following the conversion, Ms. Kennedy now beneficially owns 131,250 SATL shares directly and holds zero remaining RSUs.

The disclosure reflects a routine equity-award vesting with no share disposals, sales, or additional derivative positions. While insider acquisitions can be viewed constructively, the transaction stems from pre-arranged compensation rather than an open-market purchase, limiting its immediate market impact.

Positive

• 131,250 new shares added to insider direct ownership, reflecting continued alignment of the director with shareholder interests.

Negative

• None.

Insights

Financial Analyst

TL;DR: RSU vesting adds 131k shares to director’s stake; routine, low market impact.

The Form 4 shows an automatic conversion of RSUs into common stock, not an open-market buy. Because no cash changed hands and no shares were sold, dilution is already embedded in prior share-count guidance. The increased insider holding can be interpreted as alignment, but given its compensation-driven nature, I consider the disclosure informational rather than catalytic for SATL’s valuation.

Corporate Governance Expert

TL;DR: Standard compensation event; reinforces equity-based pay structure, neutral governance signal.

Full RSU vesting within nine months aligns with typical director compensation at emerging-growth issuers. No red flags appear: the attorney-in-fact signature is timely, and the director remains compliant with Section 16 reporting. Absence of share sales indicates continued insider exposure, but investors should note this was pre-scheduled remuneration, not an elective share accumulation.

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
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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^*

Kennedy Kelly J.

(Last) (First) (Middle)

SATELLOGIC INC.

210 DELBURG STREET

(Street)

DAVIDSON NC 28036

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Satellogic Inc. [ SATL ]

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)
05/31/2025

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
Class A Common Stock	05/31/2025		M		131,250	A	$0	131,250	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 Unit	$0	05/31/2025		M			131,250	(1)	(1)	Class A Common Stock	131,250	$0	0	D

Explanation of Responses:

1. Ms. Kennedy was granted 131,250 RSUs on September 4, 2024, all of which vested on May 31, 2025.

Remarks:

	/s/ Rick Dunn, Attorney-in-fact for Kelly Kennedy	06/18/2025
	** 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

How many Satellogic (SATL) shares did Director Kelly J. Kennedy acquire?

The Form 4 reports an acquisition of 131,250 Class A common shares.

What was the cost basis of the SATL shares received?

The shares were received at $0 cost upon RSU vesting.

When did the RSUs for SATL fully vest?

All RSUs vested on 31 May 2025.

Does the filing indicate any share sales by the director?

No. The Form 4 shows no disposals or sales; only a conversion of RSUs to shares.

How many SATL shares does the director own after the transaction?

Ms. Kennedy directly owns 131,250 shares following the reported transaction.