RCAT · Red Cat Holdings, Inc. · Insider Trading

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 31, 2026.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.45 to $4.61. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On October 2, 2025, the reporting person was granted 868 restricted stock units, which vested on October 2, 2026. This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On October 2, 2025, the reporting person was granted 868 restricted stock units, which vested on October 2, 2026. This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 31, 2026.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $7.64 to $7.89. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

On September 15, 2026, the Reporting Person settled the September 2025 Contract described in footnotes 1 and 2 above. On September 15, 2026, the settlement price was the forward floor price of $9.14. Accordingly, the Reporting Person transferred to the purchaser all 750,000 of the Pledged Shares.

On September 15, 2026, the Reporting Person settled the September 2025 Contract described in footnotes 1 and 2 above. On September 15, 2026, the settlement price was the forward floor price of $9.14. Accordingly, the Reporting Person transferred to the purchaser all 750,000 of the Pledged Shares.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.47 to $8.52, inclusive. The reporting person undertakes to provide Red Cat Holdings, Inc., any security holder of Red Cat Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 31, 2026.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.26 to $10.75. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $10.60 to $10.66, inclusive. The reporting person undertakes to provide Red Cat Holdings, Inc., any security holder of Red Cat Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 31, 2026.

Represents a weighted average sales price per share. The shares were sold at price ranges from $8.18 to $9.04. The Reporting Person has provided to the issuer, and will provide to any security holder of the issuer or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.46 to $11.58, inclusive. The reporting person undertakes to provide Red Cat Holdings, Inc., any security holder of Red Cat Holdings, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On May 22, 2025, the reporting person was granted 7,429 restricted stock units. The restricted stock units vested on April 30, 2026. This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On May 22, 2025, the reporting person was granted 7,429 restricted stock units. The restricted stock units vested on April 30, 2026. This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On May 22, 2025, the reporting person was granted 7,429 restricted stock units. The restricted stock units vested on April 30, 2026. This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On May 22, 2025, the reporting person was granted 7,429 restricted stock units. The restricted stock units vested on April 30, 2026. This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On May 22, 2025, the reporting person was granted 7,429 restricted stock units. The restricted stock units vested on April 30, 2026. This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On May 22, 2025, the reporting person was granted 7,429 restricted stock units. The restricted stock units vested on April 30, 2026. This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On May 22, 2025, the reporting person was granted 7,429 restricted stock units. The restricted stock units vested on April 30, 2026. This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On May 22, 2025, the reporting person was granted 7,429 restricted stock units. The restricted stock units vested on April 30, 2026. This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On April 6, 2026, the reporting person was granted 21,182 restricted stock units. One-fourth of the restricted stock units vested on April 6, 2026, and the remaining restricted stock units will vest on December 31, 2026.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On April 6, 2026, the reporting person was granted 21,182 restricted stock units. One-fourth of the restricted stock units vested on April 6, 2026, and the remaining restricted stock units will vest on December 31, 2026.

The option vests in three equal annual installments on December 31, 2026, December 31, 2027 and December 31, 2028, and were granted as compensation in lieu of a base salary and participation in a traditional annual bonus plan.

Each restricted stock unit represents a contingent right to receive one share of RCAT common stock. On April 6, 2026, the reporting person was granted 21,182 restricted stock units. One-fourth of the restricted stock units vested on April 6, 2026, and the remaining restricted stock units will vest on December 31, 2026.

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

On March 31, 2026, the reporting person was granted 1,688 restricted stock units, vesting in two installments: 25% of the shares underlying the restricted stock units vested immediately and 75% of the shares underlying the restricted stock units will vest on December 31, 2026.

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

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

On March 31, 2026, the reporting person was granted 1,688 restricted stock units, vesting in two installments: 25% of the shares underlying the restricted stock units vested immediately and 75% of the shares underlying the restricted stock units will vest on December 31, 2026.

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

On March 31, 2026, the reporting person was granted 16,294 restricted stock units, vesting in two installments: 25% of the shares underlying the restricted stock units vested immediately and 75% of the shares underlying the restricted stock units will vest on December 31, 2026.

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

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

On March 31, 2026, the reporting person was granted 16,294 restricted stock units, vesting in two installments: 25% of the shares underlying the restricted stock units vested immediately and 75% of the shares underlying the restricted stock units will vest on December 31, 2026.

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

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

On March 31, 2026, the reporting person was granted 8,701 restricted stock units, vesting in two installments: 25% of the shares underlying the restricted stock units vested immediately and 75% of the shares underlying the restricted stock units will vest on December 31, 2026.

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

On March 31, 2026, the reporting person was granted 8,701 restricted stock units, vesting in two installments: 25% of the shares underlying the restricted stock units vested immediately and 75% of the shares underlying the restricted stock units will vest on December 31, 2026.

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

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.

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

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

On March 31, 2025, the reporting person was granted 50,000 restricted stock units, vesting in two equal installments: 50% on March 11, 2026 and 50% on March 11, 2027.

As previously reported on Form 144 filed by the Reporting Person on December 29, 2025, the Reporting Person entered into a variable prepaid forward contract with an unaffiliated third-party dealer, dated January 14, 2026 (the "January 2026 Contract"). The January 2026 Contract required the Reporting Person to deliver to the buyer up to 1,500,000 shares of the Issuer's common stock (the "Pledged Shares"), on January 25, 2027, the settlement date. In exchange, the Reporting Person received an up-front cash payment of $17,136,900.00. The actual number shares of common stock to be delivered by the Reporting Person on the settlement date will be determined based on the volume weighted average price of the Issuer's common stock at settlement relative to an agreed forward floor price of $11.88 per share and forward cap price of $15.58 per share, with the aggregate number shares deliverable not to exceed 1,500,000 shares of common stock.

(continued from footnote 4) The Reporting Person has the right to elect to settle the January 2026 Contract in cash and thereby retain ownership of the Pledged Shares. The Pledged Shares are held in a collateral account for the account of the Reporting Person, with the buyer or its affiliate having a security interest in such account. Unless and until an event of default or similar triggering event occurs under the pledge, the Reporting Person retains the right to vote the Pledged Shares, and dividends on the Pledged Shares are, subject to certain payment obligations to the buyer, ultimately for the account of the Reporting Person.

This transaction involved the reporting persons gift of 4,750 shares of RCAT common stock to his spouse and son, who will hold the shares jointly. The reporting person disclaims beneficial ownership of the securities held jointly by his spouse and son, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

This transaction involved the reporting persons gift of 4,750 shares of RCAT common stock to his spouse and son, who will hold the shares jointly. The reporting person disclaims beneficial ownership of the securities held jointly by his spouse and son, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

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

The restricted stock units will vest in two equal annual installments: 50% on March 17, 2026 and 50% on March 17, 2027. Vesting of the restricted stock units is subject to the continuing employment by the Reporting Person with Red Cat Holdings, Inc.

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

The restricted stock units will vest in two equal annual installments: 50% on December 2, 2026, and 50% on December 2, 2027. Vesting of the restricted stock units is subject to the continuing employment by the Reporting Person with Red Cat Holdings, Inc.

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

The restricted stock units vest 10/2/2025.