Form 4: Rafael Holdings CFO Discloses Future Stock Transaction

Rafael Holdings' Chief Financial Officer, David Polinsky, filed a Form 4 detailing a future disposition of shares for tax purposes related to restricted stock vesting.

Summary

• David Polinsky, Chief Financial Officer of Rafael Holdings, Inc. (RFL), reported a planned disposition of 1,961 shares of Class B Common Stock.
• The transaction, dated December 21, 2025, represents shares withheld by the Issuer for tax purposes upon the vesting of Restricted Stock.
• The shares were disposed of at a price of $1.285 per share.
• Following this transaction, Mr. Polinsky will beneficially own 258,680 shares directly.
• His beneficial ownership includes 76,882 directly held shares, 86,798 fully vested restricted shares, and 95,000 unvested restricted shares.
• The unvested restricted shares have a detailed vesting schedule extending through January 13, 2029.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction (tax withholding upon vesting) which is neutral in sentiment and an expected part of executive compensation.

Future Outlook

The filing details a vesting schedule for 95,000 unvested restricted shares, with vesting events occurring quarterly from March 21, 2026, and on specific dates through January 13, 2029.

Industry Context

This is a routine insider transaction disclosure and does not provide broader industry context.

Related Party Transactions

• The transaction involves the company (issuer) withholding shares from an officer for tax purposes, which is a standard compensation-related transaction.

Stakeholder Impact

• Shareholders: Minimal direct impact as it's a routine tax withholding for an executive's equity compensation. It provides transparency on insider holdings.

Next Steps

• Quarterly vesting of 6,250 unvested restricted shares from March 21, 2026, through December 21, 2026.
• Vesting of 10,000 unvested restricted shares on October 25, 2026, and October 25, 2027.
• Vesting of 12,500 unvested restricted shares on January 13, 2026, January 13, 2027, January 13, 2028, and January 13, 2029.

Key Dates

Keywords

Rafael Holdings, RFL, Form 4, Insider Transaction, Stock Vesting, CFO, David Polinsky, Restricted Stock, Tax Withholding