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Insider Form 4 snapshot

On 07/18/2025, Enovix Corporation (ENVX) President & CEO Raj Talluri disclosed a Code F transaction: 17,618 common shares were withheld by the issuer at $15.54 to cover taxes due on the vesting of restricted stock units (RSUs). No open-market trade or cash proceeds were involved.

After the tax-related disposition, Talluri鈥檚 direct beneficial ownership stands at 2,382,253 shares, of which 1,895,306 represent un-settled RSUs. The event is largely administrative, maintains a sizeable insider stake, and carries limited immediate market impact.

FARO Technologies, Inc. (FARO) 鈥� Form 4 filing (07/21/2025)

SVP & Chief Financial Officer Matthew Horwath reported the disposal of his entire direct beneficial ownership in connection with FARO鈥檚 pending merger with a wholly-owned subsidiary of AMETEK, Inc. Under the Merger Agreement dated 05/05/2025, every share and restricted/performance stock unit was cancelled and converted into the right to receive $44.00 in cash.

• Common shares disposed: 39,264
• Performance/Restricted Stock Units disposed: 41,018
• Post-transaction ownership: 0 shares / 0 derivative securities

The filing confirms that, immediately prior to the effective time of the merger, all equity held by the CFO was cash-settled at the agreed merger price, signalling completion mechanics and elimination of insider equity exposure.

Citigroup Global Markets Holdings Inc. (guaranteed by Citigroup Inc.) is offering Callable Equity-Linked Securities linked to the worst performer among the EURO STOXX 50, Russell 2000 and S&P 500 indices. The 1-year notes (strike 15 Jul 2025, maturity 21 Jul 2026) pay a monthly coupon of at least 1.0917% (鈮� 13.10% p.a.) while outstanding.

Early call: Citigroup may redeem the notes at par on any coupon date from Oct 2025 to Jun 2026 on three business-days鈥� notice, capping investors鈥� yield and forcing reinvestment risk.

Maturity payoff (if not called):

• If the final value of the worst index 鈮� initial, or if no knock-in (any index < 70% initial at any time) has occurred, investors receive $1,000 plus the final coupon.
• If the knock-in barrier was breached and the worst index finishes < initial, repayment equals $1,000 脳 (1 + index return). Principal loss is therefore uncapped down to zero.

Key economics: issue price $1,000; estimated value 鈮� $942.50 (鈮� 94.3% of par); underwriting fee up to $2; CUSIP 17333LLN3. The notes will not be listed; secondary liquidity is at the issuer鈥檚 discretion. All payments depend on the credit of Citigroup Global Markets Holdings Inc. and Citigroup Inc.

Main risks: (i) potential total principal loss after a knock-in event, (ii) issuer call risk, (iii) no upside participation beyond coupons, (iv) credit risk, (v) limited secondary market, and (vi) the product鈥檚 estimated value is below issue price. The structure may appeal to yield-seeking investors who can accept equity downside exposure, early redemption and low liquidity.

Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc. (symbol C), is marketing Dual Directional Barrier Securities linked to the S&P 500庐 Index ("SPX") that mature in July 2026. The notes are zero-coupon, unsecured senior obligations and will not be listed on any exchange.

Pay-off profile: for each $1,000 face value note, investors receive:

• Upside: 1-to-1 participation in SPX gains, capped at a maximum upside return of $100 (10%).
• Moderate downside (SPX decline 鈮� 18.20% barrier): positive return equal to the absolute index decline (e.g., 鈥�5% index 鈫� +5% note return).
• Severe downside (SPX decline > 18.20%): full negative exposure; payment equals $1,000 脳 (1 + index return), down to zero at 鈥�100%.

Key terms: strike date 15-Jul-2025; maturity 31-Jul-2026 (t+3 settlement); barrier 鈮� 81.80% of initial index level; CUSIP 17333LMD4; underwriting fee $10 (1.0%); expected issue price $1,000; estimated value 鈮� $935; secondary market is discretionary and may include a six-month temporary bid premium phased to zero.

Investor considerations: the structure favors range-bound or moderately declining markets but significantly limits upside versus direct SPX exposure and exposes holders to full downside beyond 鈥�18.20%. The note pays no coupons or dividends, and investors forgo SPX dividend yield (~1.4% historically). Credit exposure rests on both Citigroup Global Markets Holdings Inc. and Citigroup Inc.

Risk highlights: potential loss of entire principal; illiquidity; valuation and bid-ask spread headwind; initial value < issue price; exposure to discretionary determinations by the affiliated calculation agent; uncertain U.S. tax treatment (pre-paid forward assumption, Section 871(m) review).

The offer targets investors seeking a short-dated, credit-risk-bearing instrument that can deliver modest positive returns in flat to mildly negative equity scenarios, but who are comfortable sacrificing upside and assuming tail-risk to principal.

Enovix Corp (ENVX) 鈥� Form 4 insider filing

Chief Accounting Officer Kristina Truong reported a Code F transaction on 07/13/2025, indicating that 1,013 common shares were withheld to cover taxes upon the vesting of restricted stock units (RSUs). The shares were valued at $14.07 each, an implied tax-withholding value of roughly $14,200. Following the withholding, the insider鈥檚 direct beneficial ownership stands at 207,112 common shares, which includes 173,617 un-settled RSUs.

No open-market purchases or sales occurred, and no new derivative positions were created or exercised. The filing is largely administrative, reflecting routine equity compensation settlement rather than a discretionary trade.

Union Pacific Corp. (UNP) Executive Vice President 鈥� Operations Eric J. Gehringer filed a Form 4 reporting a modest insider purchase on 10 July 2025. Through the company鈥檚 2021 Employee Stock Purchase Plan he acquired 3.797 shares of UNP common stock at $237 each. After the transaction, Gehringer directly owns 44,538.9836 shares and indirectly holds 7,179.393 shares in a deferral account; no new derivative positions were created or exercised. The incremental buy is immaterial relative to his existing stake and Union Pacific鈥檚 market capitalization, so the filing adds limited fundamental insight, but insider purchases are generally viewed as a signal of executive confidence.

Enovix Corporation (ENVX) 鈥� Form 4 insider filing dated 07/09/2025

Chief Legal Officer Arthi Chakravarthy reported an automatic share disposition related to the vesting of restricted stock units (RSUs) on 07/08/2025. The company withheld 4,287 common shares at a reference price of $13.44 per share (transaction code F) solely to cover federal and state tax obligations. No open-market purchase or sale occurred.

Following the withholding, Chakravarthy鈥檚 aggregate beneficial ownership stands at 431,334 shares, of which 343,953 shares are underlying un-settled RSUs. Ownership remains direct; no indirect holdings were reported. The filing does not reveal additional derivative transactions or new option grants.

Because the transaction represents routine tax-withholding rather than discretionary buying or selling, the filing carries minimal market impact and does not materially alter the insider鈥檚 exposure to ENVX equity.

Red Cat Holdings (RCAT) Form 4 highlights:

• Director Nicholas R. Liuzza Jr. reported four transactions between 20 May 2025 and 10 Jun 2025.
• Acquisitions: Exercised 100,000 warrants at $1.50 on 20 May and another 100,000 warrants at $1.50 on 9 Jun, adding 200,000 common shares.
• Disposals: Sold 100,309 shares on 21 May at a weighted-average $6.697 (range $6.66鈥�$6.72) and 100,000 shares on 10 Jun at $8.58.
• After the sequence of buy-and-sell events, beneficial ownership dropped from 487,754 to 387,445 shares.
• The filing specifies that earlier reports aggregated equity and derivative positions; amended reports will further clarify holdings.
• Liuzza remains a director and files individually (not a joint filing).

The pattern shows warrant exercises at a deep discount to market, followed by immediate monetisation of a similar number of shares at materially higher prices. While the capital inflow from warrant exercise benefits RCAT, the net reduction of roughly 100 k shares鈥攐r about 20% of the director鈥檚 previous stake鈥攎ay signal partial profit-taking.

Enovix Corp. (ENVX) 鈥� Form 4 insider filing

Chief Accounting Officer Kristina Truong reported an automatic share withholding related to the vesting of restricted stock units (RSUs) on 8 July 2025. A total of 1,677 common shares were withheld and disposed of at a price of $13.44 per share under transaction code 鈥淔,鈥� which denotes share retention by the issuer to cover tax obligations. Following the transaction, Truong鈥檚 beneficial ownership stands at 208,377 shares, of which 176,008 shares are still subject to future RSU settlement.

No open-market purchase or discretionary sale occurred; the event is routine housekeeping for tax compliance and does not represent a directional view on the company鈥檚 prospects. The filing maintains transparency around insider equity holdings but is unlikely to have a material impact on ENVX鈥檚 share price or investor thesis.