Vertical Data issues shares for monthly $5K fees

The shares settled $5,000 monthly equity fees for August and September under the consulting agreement, rather than being paid in cash.

Rhea-AI Filing Summary

Vertical Data Inc. (VDTA) reported two common-stock award acquisitions by Lincoln Hall Advisors LLC on September 30, 2026. The LLC received 1,357 shares for the $5,000 August 2026 equity fee, at a $3.6820 volume-weighted average price, and 891 shares for the $5,000 September 2026 equity fee, at a $5.6065 volume-weighted average price. The shares were issued in lieu of cash under the issuer’s 2024 Stock Incentive Plan pursuant to its consulting agreement with the LLC. They are held of record by the LLC, of which Interim CFO and Secretary Christopher S. Downs is the sole member.

Insider Trade Summary

Grant/Award: 2,248 shares

Grant/Award 2 txns

Insider Downs Christopher S

Role Interim CFO and Secretary

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1, F3	1,357	$3.682	$5K
Grant/Award	Common Stock F2, F3	891	$5.6065	$5K

Holdings After Transaction: Common Stock — 2,248 shares (Indirect, By Lincoln Hall Advisors LLC)

Footnotes (3)

1. F1. Shares issued under the Issuer's 2024 Stock Incentive Plan pursuant to Section 2.b of the Consulting Agreement between the Issuer and Lincoln Hall Advisors LLC, effective August 1, 2026, in satisfaction of the $5,000 monthly equity fee for August 2026, received in shares in lieu of cash. The number of shares equals $5,000 divided by the volume-weighted average price of the Issuer's common stock on the OTCQB Marketplace for all trading days in August 2026 ($3.6820), rounded down to the nearest whole share.
2. F2. Shares issued under the Issuer's 2024 Stock Incentive Plan pursuant to Section 2.b of the Consulting Agreement in satisfaction of the $5,000 monthly equity fee for September 2026, received in shares in lieu of cash. The number of shares equals $5,000 divided by the volume-weighted average price of the Issuer's common stock on the OTCQB Marketplace for all trading days in September 2026 ($5.6065), rounded down to the nearest whole share.
3. F3. The shares are held of record by Lincoln Hall Advisors LLC, a Wyoming limited liability company of which the Reporting Person is the sole member, through which the Reporting Person provides services to the Issuer.

Key Figures

Common-stock shares issued: 1,357 shares Volume-weighted average price: $3.6820 per share Monthly equity fee: $5,000 +3 more

6 metrics

Common-stock shares issued 1,357 shares August 2026 equity fee; September 30, 2026

Volume-weighted average price $3.6820 per share All trading days in August 2026

Monthly equity fee $5,000 August 2026; received in shares in lieu of cash

Common-stock shares issued 891 shares September 2026 equity fee; September 30, 2026

Volume-weighted average price $5.6065 per share All trading days in September 2026

Monthly equity fee $5,000 September 2026; received in shares in lieu of cash

Key Terms

2024 Stock Incentive Plan, volume-weighted average price, Consulting Agreement, equity fee

4 terms

2024 Stock Incentive Plan technical

"issued under the Issuer's 2024 Stock Incentive Plan"

volume-weighted average price financial

"volume-weighted average price of the Issuer's common stock"

Volume-weighted average price (VWAP) is the average price of a stock over a specific time period where each trade is weighted by the number of shares traded, so larger trades influence the average more than small ones. Investors and traders use VWAP as a reference point to judge whether trades are happening at relatively good or poor prices—like checking the average price paid for an item at a market where bulk purchases count more than single-item buys.

Consulting Agreement technical

"Section 2.b of the Consulting Agreement"

equity fee financial

"satisfaction of the $5,000 monthly equity fee"

FAQ

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

How many shares did Lincoln Hall Advisors LLC receive in the VDTA Form 4?

On September 30, 2026, Lincoln Hall Advisors LLC received 1,357 shares for the $5,000 August 2026 equity fee, at a $3.6820 volume-weighted average price, and 891 shares for the $5,000 September 2026 equity fee, at a $5.6065 volume-weighted average price. The shares were issued in lieu of cash under Vertical Data’s 2024 Stock Incentive Plan.

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

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Available on EDGAR 10/02/2026 - 07:12 PM Accepted by SEC EDGAR 10/02/2026 - 07:12 PM 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^*

Downs Christopher S

(Last) (First) (Middle)

1980 FESTIVAL PLAZA DRIVE, SUITE 300

(Street)

LAS VEGAS NEVADA 89135

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Vertical Data Inc. [ VDTA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Interim CFO and Secretary

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

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	09/30/2026		A		1,357	A	$3.682(1)	1,357	I	By Lincoln Hall Advisors LLC(3)
Common Stock	09/30/2026		A		891	A	$5.6065(2)	2,248	I	By Lincoln Hall Advisors LLC(3)

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

Explanation of Responses:

1. Shares issued under the Issuer's 2024 Stock Incentive Plan pursuant to Section 2.b of the Consulting Agreement between the Issuer and Lincoln Hall Advisors LLC, effective August 1, 2026, in satisfaction of the $5,000 monthly equity fee for August 2026, received in shares in lieu of cash. The number of shares equals $5,000 divided by the volume-weighted average price of the Issuer's common stock on the OTCQB Marketplace for all trading days in August 2026 ($3.6820), rounded down to the nearest whole share.

2. Shares issued under the Issuer's 2024 Stock Incentive Plan pursuant to Section 2.b of the Consulting Agreement in satisfaction of the $5,000 monthly equity fee for September 2026, received in shares in lieu of cash. The number of shares equals $5,000 divided by the volume-weighted average price of the Issuer's common stock on the OTCQB Marketplace for all trading days in September 2026 ($5.6065), rounded down to the nearest whole share.

3. The shares are held of record by Lincoln Hall Advisors LLC, a Wyoming limited liability company of which the Reporting Person is the sole member, through which the Reporting Person provides services to the Issuer.

	/s/ Christopher Downs	10/02/2026
	** 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)