How are Agora (API) ADSs related to Class A Ordinary Shares?

Each Agora American Depositary Share represents four Class A Ordinary Shares. When Eric He received 1,591 ADSs from RSU vesting, those ADSs collectively represent a larger number of underlying Class A Ordinary Shares according to this four-to-one relationship.

Agora (NASDAQ: API) director acquires 1,591 ADSs from RSU vesting

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Agora, Inc. director Eric He exercised restricted stock units to receive 1,591 American Depositary Shares (ADSs). The RSUs converted at an exercise price of $0.00 per ADS as part of his equity compensation. Following this vesting event, he holds 79,797 ADSs directly.

Each RSU represents the right to receive one ADS, and each ADS represents four Class A Ordinary Shares of Agora. According to the award terms, these RSUs are scheduled to vest in equal monthly installments from April 1, 2026 until July 1, 2028.

Insider Trade Summary

1,591 shares exercised/converted

Mixed 2 txns

Insider He Eric

Role Director

Type	Security	Shares	Price	Value
Exercise	RSU (Restricted Stock Unit)	1,591	$0.00	--
Exercise	ADSs	1,591	$0.00	--

Holdings After Transaction: RSU (Restricted Stock Unit) — 42,965 shares (Direct); ADSs — 79,797 shares (Direct)

Footnotes (1)

Represents American Depositary Shares acquired through the vesting of Restricted Share Units ("RSUs"). Every one ADS represents four Class A Ordinary Shares of the Issuer. Represents American Depositary Shares acquired through the vesting of RSUs. Every one ADS represents four Class A Ordinary Shares of the Issuer. Each RSU represents the contingent right to receive one ADS of the Issuer upon vesting. The RSUs shall vest equally each month from April 1, 2026 until July 1, 2028.

Key Figures

ADSs acquired: 1,591 ADSs Exercise price: $0.00 per ADS Holdings after transaction: 79,797 ADSs +3 more

6 metrics

ADSs acquired 1,591 ADSs RSUs converted into ADSs on April 1, 2026

Exercise price $0.00 per ADS RSUs vesting into ADSs

Holdings after transaction 79,797 ADSs Direct ownership following RSU vesting

Underlying ADSs for RSUs 44,556 ADSs Underlying security shares referenced for RSU award

RSU vesting period start April 1, 2026 Monthly vesting begins

RSU vesting period end July 1, 2028 Monthly vesting ends

Key Terms

Restricted Stock Unit, American Depositary Shares, Class A Ordinary Shares, vesting

4 terms

Restricted Stock Unit financial

"Represents American Depositary Shares acquired through the vesting of Restricted Share Units"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

American Depositary Shares financial

"Represents American Depositary Shares acquired through the vesting of Restricted Share Units"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

Class A Ordinary Shares financial

"Every one ADS represents four Class A Ordinary Shares of the Issuer"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

vesting financial

"The RSUs shall vest equally each month from April 1, 2026 until July 1, 2028"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

Form 4 Insider Transactions: What Each Field Means →

04/01/2026 - 09:55 PM

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^*

He Eric

(Last)

(First)

(Middle)

66 LANE, 411 SEC 1 NEI HU ROAD

(Street)

TAIPEI

TAIWAN

114

(City)

(State)

(Zip)

TAIWAN

(Country)

2. Issuer Name and Ticker or Trading Symbol
Agora, Inc. [ API ]

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)
04/01/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
ADSs⁽¹⁾	04/01/2026		M		1,591	A	⁽²⁾	79,797	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
RSU (Restricted Stock Unit)⁽³⁾	$0	04/01/2026		M			1,591	⁽⁴⁾	11/16/2035	ADSs	44,556	$0	42,965	D

Explanation of Responses:

1. Represents American Depositary Shares acquired through the vesting of Restricted Share Units ("RSUs"). Every one ADS represents four Class A Ordinary Shares of the Issuer.

2. Represents American Depositary Shares acquired through the vesting of RSUs. Every one ADS represents four Class A Ordinary Shares of the Issuer.

3. Each RSU represents the contingent right to receive one ADS of the Issuer upon vesting.

4. The RSUs shall vest equally each month from April 1, 2026 until July 1, 2028.

	Eric He	04/01/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Agora (API) director Eric He report?

Eric He reported an equity compensation transaction, exercising restricted stock units to receive 1,591 American Depositary Shares (ADSs). This was a derivative exercise at an effective price of $0.00 per ADS, reflecting scheduled vesting rather than an open-market purchase or sale.

How many Agora (API) ADSs does Eric He hold after this Form 4?

After the RSU vesting and exercise, Eric He holds 79,797 Agora ADSs directly. This total reflects the addition of 1,591 ADSs received from restricted stock units converting into ADSs on April 1, 2026 at an exercise price of $0.00 per ADS.

What exactly vested in Eric He’s Agora (API) equity award?

Restricted Stock Units (RSUs) vested and converted into 1,591 American Depositary Shares. Each RSU gives the right to receive one ADS upon vesting, making this a standard equity compensation event rather than a cash purchase of shares on the open market.

What is the vesting schedule for Eric He’s Agora (API) RSUs?

The RSUs tied to this transaction are scheduled to vest equally each month from April 1, 2026 until July 1, 2028. Each vested RSU converts into one ADS, delivering additional Agora ADSs to Eric He over that monthly vesting period.

Was there a cash purchase or sale in this Agora (API) Form 4?

No cash purchase or sale is reported. The filing shows RSUs converting into 1,591 ADSs at an exercise price of $0.00, which is a non-cash equity compensation event rather than an open-market trade involving cash consideration.