Form 4: Pulmonx General Counsel Reports RSU Grant, Tax-Related Sales

Pulmonx General Counsel David Aaron Lehman reported the grant of 150,000 Restricted Stock Units and the sale of 12,237 shares to cover tax obligations related to prior RSU vestings.

Summary

• David Aaron Lehman, General Counsel of Pulmonx Corp (LUNG), reported changes in his beneficial ownership of common stock.
• On March 2, 2026, Mr. Lehman was granted 150,000 Restricted Stock Units (RSUs) payable solely in common stock, which will vest in equal quarterly installments over a four-year period from the grant date.
• Concurrently, Mr. Lehman sold a total of 12,237 shares of common stock at a price of $1.43 per share to cover tax withholding obligations associated with the vesting of previously granted RSUs from March 1, 2022, March 1, 2023, March 1, 2024, and March 3, 2025.
• Following these transactions, Mr. Lehman's direct beneficial ownership of Pulmonx common stock increased from 240,755 shares (after sales) to 390,755 shares (after the RSU grant).

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as slightly positive. While there were tax-related sales, the significant grant of new RSUs to a key executive demonstrates continued commitment and aligns management incentives with long-term shareholder value.

Positives

• The grant of 150,000 Restricted Stock Units to the General Counsel aligns management's long-term interests with those of shareholders, indicating continued commitment to the company.

Negatives

• The sale of 12,237 shares, while for tax withholding purposes, represents a reduction in the reporting person's direct shareholdings, albeit a routine one associated with RSU vesting.

Future Outlook

The 150,000 Restricted Stock Units granted on March 2, 2026, are scheduled to vest in equal quarterly installments over a four-year period from the grant date, indicating a future alignment of the General Counsel's compensation with long-term company performance.

Industry Context

StockSavvy.ai notes that the grant of Restricted Stock Units (RSUs) to key executives is a standard compensation practice across industries, designed to incentivize long-term performance and align executive interests with shareholder value. The concurrent sale of shares to cover tax obligations upon RSU vesting is also a routine and expected event in such compensation structures.

Stakeholder Impact

• Shareholders: The RSU grant aligns the General Counsel's interests with long-term shareholder value. The tax-related sales are a routine part of executive compensation and have minimal impact on the overall share structure.

Next Steps

• The newly granted 150,000 Restricted Stock Units will vest in equal quarterly installments over the next four years from March 2, 2026.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions, including a new RSU grant and tax-related share sales. While the RSU grant is a positive signal of management alignment, the filing does not contain information significant enough to alter the fundamental investment thesis for Pulmonx Corp. A 'hold' recommendation is appropriate as this filing alone does not provide new data to warrant a change in investment stance.

Keywords

Pulmonx, LUNG, SEC Form 4, Insider Transaction, Restricted Stock Units, RSU Grant, Stock Sale, Tax Withholding, General Counsel