SWMR · Swarmer, Inc · Insider Trading

Represents shares sold to satisfy the Reporting Person's tax withholding obligation in connection with the vesting of restricted stock units. These sales are mandated as part of the Issuer's election under its equity incentive plans to require the satisfaction of tax withholding obligations to be funded by a "sell to cover" transaction and do not represent discretionary trades by the Reporting Person.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $9.61 to $10.24, inclusive. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

The shares underlying this option shall vest in full on the earlier of (i) the one-year anniversary of the grant date and (ii) the Issuer's 2027 Annual Meeting.

The shares underlying this option shall vest in full on the earlier of (i) the one-year anniversary of the grant date and (ii) the Issuer's 2027 Annual Meeting.

The shares underlying this option shall vest in full on the earlier of (i) the one-year anniversary of the grant date and (ii) the Issuer's 2027 Annual Meeting.

The shares underlying this option shall vest in full on the earlier of (i) the one-year anniversary of the grant date and (ii) the Issuer's 2027 Annual Meeting.

The shares underlying this option shall vest in full on the earlier of (i) the one-year anniversary of the grant date and (ii) the Issuer's 2027 Annual Meeting.

The shares underlying this option shall vest in full on the earlier of (i) the one-year anniversary of the grant date and (ii) the Issuer's 2027 Annual Meeting.

The shares underlying this option shall vest in full on the earlier of (i) the one-year anniversary of the grant date and (ii) the Issuer's 2027 Annual Meeting.

$0.00001.

Represents shares sold to satisfy the Reporting Person's tax withholding obligation in connection with the vesting of restricted stock units. These sales are mandated as part of the Issuer's election under its equity incentive plans to require the satisfaction of tax withholding obligations to be funded by a "sell to cover" transaction and do not represent discretionary trades by the Reporting Person.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $22.02 to $24.00, inclusive. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

$0.00001.

The shares underlying this option vest over a four-year period with (i) one-fourth vesting on the one-year anniversary of the grant date and (ii) one-forty-eighth vesting monthly thereafter, subject to the Reporting Person's continued service through the applicable vesting date.

On September 16, 2026, the Reporting Person, through Theseus, exercised in full all 899,988 Common Stock Purchase Warrants (the "Warrants") held by Theseus pursuant to the cashless exercise provision contained therein (the "Warrant Exercise"). Under the terms of the cashless exercise, no cash consideration was paid to the Issuer. Instead, a portion of the shares of Common Stock otherwise issuable upon exercise of the Warrants was withheld by the Issuer in satisfaction of the aggregate exercise price of $3.3334 per warrant share. Based on a price of $37.2672 per share (the price per share as determined pursuant to the cashless exercise provision of the Warrants), the cashless exercise of all 899,988 Warrants resulted in the issuance to Theseus (or its designee) of 819,487 shares of Common Stock (the "Warrant Shares"), after withholding 80,501 shares in payment of the aggregate exercise price. The Warrant Shares are subject to the beneficial ownership limitation of 4.99%

(the "Beneficial Ownership Limitation") set forth in the Warrants, and any Warrant Shares in excess of the Beneficial Ownership Limitation are held in abeyance and will not be issued to the Reporting Person until they are able to be received in accordance with the terms of the Warrants (and thus the Reporting Person does not beneficially own shares held in abeyance). Of the Warrant Shares, 768,971 shares were initially issued to Theseus, and the remaining 50,516 shares were held in abeyance. Subsequent to the initial issuance and prior to the date hereof, the remaining 50,516 shares initially held in abeyance were issued to Theseus following an increase in the number of the Issuer's shares outstanding. The foregoing description of the Warrants and the cashless exercise is qualified in its entirety by the terms and conditions of the Warrants, a form of which was filed as Exhibit 4.3 to the Issuer's Registration Statement on Form S-1/A filed with the SEC on February 19, 2026.

The Warrants were immediately exercisable upon the completion of the Issuer's initial public offering.

The Warrants will expire upon the earlier of (i) 5:00 p.m. Eastern Time on the 5-year anniversary of the effectiveness of the Issuer's registration statement filed in connection with its initial public offering and (ii) 5:00 p.m. Eastern Time on March 22, 2027.

On September 16, 2026, the Reporting Person, through Theseus, exercised in full all 899,988 Common Stock Purchase Warrants (the "Warrants") held by Theseus pursuant to the cashless exercise provision contained therein (the "Warrant Exercise"). Under the terms of the cashless exercise, no cash consideration was paid to the Issuer. Instead, a portion of the shares of Common Stock otherwise issuable upon exercise of the Warrants was withheld by the Issuer in satisfaction of the aggregate exercise price of $3.3334 per warrant share. Based on a price of $37.2672 per share (the price per share as determined pursuant to the cashless exercise provision of the Warrants), the cashless exercise of all 899,988 Warrants resulted in the issuance to Theseus (or its designee) of 819,487 shares of Common Stock (the "Warrant Shares"), after withholding 80,501 shares in payment of the aggregate exercise price. The Warrant Shares are subject to the beneficial ownership limitation of 4.99%

(the "Beneficial Ownership Limitation") set forth in the Warrants, and any Warrant Shares in excess of the Beneficial Ownership Limitation are held in abeyance and will not be issued to the Reporting Person until they are able to be received in accordance with the terms of the Warrants (and thus the Reporting Person does not beneficially own shares held in abeyance). Of the Warrant Shares, 768,971 shares were initially issued to Theseus, and the remaining 50,516 shares were held in abeyance. Subsequent to the initial issuance and prior to the date hereof, the remaining 50,516 shares initially held in abeyance were issued to Theseus following an increase in the number of the Issuer's shares outstanding. The foregoing description of the Warrants and the cashless exercise is qualified in its entirety by the terms and conditions of the Warrants, a form of which was filed as Exhibit 4.3 to the Issuer's Registration Statement on Form S-1/A filed with the SEC on February 19, 2026.

In connection with the Warrant Exercise, the Reporting Person entered into a lock-up agreement with the Issuer (the "Lock-Up Agreement") dated as of September 17, 2026, pursuant to which the Reporting Person agreed that all shares of Common Stock received upon exercise of the Warrants (including any shares held in abeyance) are subject to certain transfer restrictions for a six-month period as set forth in the Lock-Up Agreement. The foregoing description of the Lock-Up Agreement is qualified in its entirety by the terms and conditions of the Lock-Up Agreement.

On September 16, 2026, Green Flag Fund sold 23,885 shares of common stock to fund cash payments to certain limited partners of Green Flag Fund who elected to receive cash in lieu of securities in connection with the distribution described in Footnote 2 above. The weighted average sale price was $24.123656 per share. The cash proceeds will be distributed to the electing limited partners in accordance with the terms of Green Flag Fund's Limited Partnership Agreement.

Pro rata distribution by Theseus Capital Partners, LLC ("Theseus"). The Reporting Person is the managing member of Theseus and may be deemed to share voting and dispositive power over the shares held by Theseus.

On September 15, 2026, Theseus made a distribution of 1,124,981 shares of common stock to the members of Theseus on a pro rata basis in accordance with the terms of its Operating Agreement. The disposition reflects the Reporting Person's reduction in beneficial ownership resulting from such distribution.

Pro rata distribution by Green Flag Fund I, L.P. ("Green Flag Fund"). The Reporting Person is the managing member of Green Flag Fund I GP, LLC, the general partner of Green Flag Fund, and may be deemed to share voting and dispositive power over the shares held by Green Flag Fund.

On September 15, 2026, Green Flag Fund made a distribution of 223,599 shares of common stock to the limited partners of Green Flag Fund on a pro rata basis in accordance with the terms of its Limited Partnership Agreement. The shares were distributed to those limited partners who did not elect to receive cash in lieu of securities. The disposition reflects the Reporting Person's reduction in beneficial ownership resulting from such distribution.

The restricted stock units held by the Reporting Person that were unvested upon the termination of his employment with a subsidiary of the Issuer on August 19, 2026 were forfeited. This transaction is being reported late due to an inadvertent administrative error and not any error of the Reporting Person.

The shares underlying this option vested immediately on the grant date.

The shares underlying this option vested immediately on the grant date.

The shares underlying this option vested immediately on the grant date.

The shares underlying this option vested immediately on the grant date.

The shares underlying this option vested immediately on the grant date.

$0.00001.

$0.00001.

The shares underlying this option vest over a four-year period with (i) one-fourth vesting on the one-year anniversary of the grant date and (ii) one-forty-eighth vesting monthly thereafter, subject to the Reporting Person's continued service through the applicable vesting date.

The Reporting Person received this option award on March 18, 2026 pursuant to the terms and conditions of the Employment Agreement, which was previously approved by the Issuer's board of directors. The shares underlying this option vest over a four year period with one-forty-eighth vesting on each monthly anniversary of the grant date, subject to the Reporting Person's continued service through the applicable vesting date.

The Reporting Person received an award of 1,341,840 restricted stock units ("RSUs") on March 18, 2026 pursuant to the terms and conditions of his Employment Agreement, dated September 22, 2025, as amended by the Amendment to the Employment Agreement, dated February 18, 2026 (the "Employment Agreement"), which was previously approved by the Issuer's board of directors. The RSUs shall vest over a four year period with one-forty-eighth vesting on each monthly anniversary of the grant date, subject to the Reporting Person's continued service through the applicable vesting date.

The Series A-1 Preferred Stock converted into shares of common stock on a 1-for-1.8813 basis and had no expiration date.

The shares are directly held by Green Flag Fund I, L.P. ("Green Flag Fund"). The Reporting Person is the founder and general partner of Green Flag Ventures, LLC and may be deemed to share voting and dispositive power over the shares held by Green Flag Fund.

The Reporting Person received this option award on March 18, 2026 pursuant to the terms and conditions of the Employment Agreement, which was previously approved by the Issuer's board of directors. The shares underlying this option vest over a four year period with one-forty-eighth vesting on each monthly anniversary of the grant date, subject to the Reporting Person's continued service through the applicable vesting date.

The Series A-1 Preferred Stock converted into shares of common stock on a 1-for-1.8813 basis and had no expiration date.

The shares are directly held by Theseus Capital Partners, LLC ("Theseus"). The Reporting Person is the managing partner of Theseus and may be deemed to share voting and dispositive power over the shares held by Theseus.

The Series A-4 Preferred Stock converted into shares of common stock on a 1-for-1.8813 basis and had no expiration date.

The shares are directly held by Green Flag Fund I, L.P. ("Green Flag Fund"). The Reporting Person is the founder and general partner of Green Flag Ventures, LLC and may be deemed to share voting and dispositive power over the shares held by Green Flag Fund.

The Series A-1 Preferred Stock converted into shares of common stock on a 1-for-1.8813 basis and had no expiration date.

The shares are directly held by Green Flag Fund I, L.P. ("Green Flag Fund"). The Reporting Person is the founder and general partner of Green Flag Ventures, LLC and may be deemed to share voting and dispositive power over the shares held by Green Flag Fund.

The Series A-4 Preferred Stock converted into shares of common stock on a 1-for-1.8813 basis and had no expiration date.

The shares are directly held by Green Flag Fund I, L.P. ("Green Flag Fund"). The Reporting Person is the founder and general partner of Green Flag Ventures, LLC and may be deemed to share voting and dispositive power over the shares held by Green Flag Fund.

The Reporting Person received an award of 1,341,840 restricted stock units ("RSUs") on March 18, 2026 pursuant to the terms and conditions of his Employment Agreement, dated September 22, 2025, as amended by the Amendment to the Employment Agreement, dated February 18, 2026 (the "Employment Agreement"), which was previously approved by the Issuer's board of directors. The RSUs shall vest over a four year period with one-forty-eighth vesting on each monthly anniversary of the grant date, subject to the Reporting Person's continued service through the applicable vesting date.

The Series A-1 Preferred Stock converted into shares of common stock on a 1-for-1.8813 basis and had no expiration date.

The shares are directly held by Theseus Capital Partners, LLC ("Theseus"). The Reporting Person is the managing partner of Theseus and may be deemed to share voting and dispositive power over the shares held by Theseus.