4/A: Marpai Director Corrects Stock Ownership Filing

Marpai, Inc. Director Yaron Eitan filed an amended Form 4 to correct the reported beneficial ownership of Class A Common Stock.

Summary

• Director Yaron Eitan filed a Form 4/A to amend and correct a previous Form 4 filed on September 15, 2025.
• The original report incorrectly stated the total securities beneficially owned following reported transactions in Table I Column 5.
• The corrected amount of Class A Common Stock beneficially owned by Yaron Eitan following the transactions is 864,073 shares.
• The filing also details the acquisition of 75,000 Restricted Stock Units (RSUs) on August 19, 2025, at a price of $0.
• These RSUs vest over nine months: 25,000 vested on the three-month anniversary, 25,000 vest on the six-month anniversary, and 25,000 vest on the nine-month anniversary of the grant date.

Sentiment

Score: 6

Explanation: The filing primarily corrects a previous reporting error, which is a neutral event. However, it also confirms the grant of 75,000 Restricted Stock Units (RSUs) to a director, which can be viewed as a minor positive for aligning management incentives with shareholder interests.

Positives

• The grant of 75,000 Restricted Stock Units (RSUs) to Director Yaron Eitan aligns management incentives with shareholder interests.
• The company is demonstrating transparency and adherence to regulatory requirements by promptly correcting a reporting error.

Negatives

• An initial error in the beneficial ownership reporting required an amendment, indicating a minor lapse in data accuracy.

Risks

• Minor risk of investor confusion or concern due to the initial reporting error, though promptly corrected.

Future Outlook

The remaining 50,000 Restricted Stock Units granted to Director Yaron Eitan are scheduled to vest in two equal tranches on the six-month and nine-month anniversaries of the August 19, 2025 grant date.

Management Comments

• The Reporting Person is filing this Form 4/A to amend and correct the discrepancy in the total securities beneficially owned following the reported transactions in Table I Column 5 of the Original Report.

Industry Context

This filing is a standard regulatory disclosure for insider transactions and corrections, common across all publicly traded companies. It does not provide specific insights into broader industry trends or competitive positioning beyond the individual company's compliance and executive compensation practices.

Comparison to Industry Standards

• The filing of a Form 4/A to correct a previous filing is a standard compliance procedure when errors are identified in beneficial ownership reports, aligning with SEC regulations for transparency in insider trading disclosures.
• The grant of Restricted Stock Units (RSUs) as part of executive compensation is a common practice in the technology and healthcare sectors, including companies comparable to Marpai, Inc., such as other health-tech or insurance technology firms, to incentivize long-term performance and align director interests with shareholders.

Stakeholder Impact

• Shareholders benefit from increased transparency and accuracy in insider ownership disclosures.
• The RSU grant to a director reinforces alignment between management and shareholder interests.

Next Steps

• 25,000 RSUs will vest on the six-month anniversary of the grant date (approximately February 19, 2026).
• 25,000 RSUs will vest on the nine-month anniversary of the grant date (approximately May 19, 2026).

Key Dates

Recommendation

This Form 4/A filing primarily corrects a previous beneficial ownership report and confirms a routine RSU grant to a director. It does not contain new material information regarding the company's operational performance, financial health, or strategic direction that would warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate as the filing does not present a compelling reason to buy or sell the stock based solely on this information.

Keywords

Marpai, MRAI, Form 4/A, beneficial ownership, director, equity, RSU, stock, amendment