How is the RSU-to-share conversion described for Red Cat (RCAT) in this filing?

Each restricted stock unit represents a contingent right to receive one share of Red Cat common stock. On March 17, 2026, 12,500 RSUs converted into 12,500 shares at a stated exercise or conversion price of $0.00 per share.

Red Cat (NASDAQ: RCAT) COO exercises 12,500 RSUs; shares withheld for tax

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Red Cat Holdings, Inc. reported a routine equity compensation event for its Chief Operating Officer, Christian Ericson. On March 17, 2026, Ericson exercised 12,500 restricted stock units, receiving the same number of common shares at a stated price of $0.00 per share. Of these, 3,607 shares were withheld at $15.54 per share to cover tax obligations, a non-market disposition, leaving him with 26,023 common shares held directly after the transactions. The RSUs stem from a 25,000-unit grant awarded on December 2, 2025, scheduled to vest in two equal installments on March 17, 2026 and March 17, 2027.

Insider Trade Summary

12,500 shares exercised/converted

Mixed 3 txns

Insider Ericson Christian

Role Chief Operating Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	12,500	$0.00	--
Exercise	Common Stock	12,500	$0.00	--
Tax Withholding	Common Stock	3,607	$15.54	$56K

Holdings After Transaction: Restricted Stock Units — 12,500 shares (Direct); Common Stock — 29,630 shares (Direct)

Footnotes (1)

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On December 2, 2025, the reporting person was granted 25,000 restricted stock units, vesting in two equal installments: 50% on March 17, 2026 and 50% on March 17, 2027.

Form 4 Insider Transactions: What Each Field Means →

03/18/2026 - 06:34 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
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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^*

Ericson Christian

(Last)

(First)

(Middle)

C/O RED CAT HOLDINGS INC.

2800 S WEST TEMPLE SUITE 5

(Street)

SOUTH SALT LAKE

UTAH

84115

(City)

(State)

(Zip)

UNITED STATES

(Country)

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 Operating Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2026

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)
Common Stock	03/17/2026		M		12,500	A	⁽¹⁾	29,630	D
Common Stock	03/17/2026		F		3,607	D	$15.54	26,023	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)
Restricted Stock Units	⁽¹⁾	03/17/2026		M			12,500	⁽²⁾	⁽²⁾	Common Stock	12,500	⁽²⁾	12,500	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of RCAT common stock.

2. On December 2, 2025, the reporting person was granted 25,000 restricted stock units, vesting in two equal installments: 50% on March 17, 2026 and 50% on March 17, 2027.

Remarks:

	/s/ Christian Ericson	03/18/2026
	** 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 Red Cat (RCAT) report for COO Christian Ericson?

Christian Ericson exercised 12,500 restricted stock units into common stock on March 17, 2026. These shares came from a 25,000-unit grant awarded on December 2, 2025, vesting in two equal installments over 2026 and 2027.

How many Red Cat (RCAT) shares does Christian Ericson hold after this Form 4?

Following the reported transactions, Christian Ericson directly holds 26,023 shares of Red Cat common stock. This figure reflects both the 12,500 RSUs converted into shares and the 3,607 shares withheld to satisfy tax liabilities.

Were any of Christian Ericson’s Red Cat (RCAT) shares sold on the open market?

No open-market sales are reported. The only disposition is an F-code transaction where 3,607 shares were withheld at $15.54 per share to pay tax obligations related to the RSU vesting and exercise.

What are the terms of Christian Ericson’s 25,000 Red Cat (RCAT) RSU grant?

Ericson received 25,000 restricted stock units on December 2, 2025. The award vests in two equal tranches: 50% on March 17, 2026 and the remaining 50% on March 17, 2027, each unit representing one share of common stock.