Form 4: Zevia Director Sells 200,000 Shares

Zevia PBC Director Padraic L. Spence reported the sale of 200,000 Class A Common Stock shares at a weighted average price of $2.6439.

Summary

• Padraic L. Spence, a Director of Zevia PBC, sold 200,000 shares of Class A Common Stock.
• The transaction occurred on November 10, 2025.
• The shares were sold at a weighted average price of $2.6439, with individual sales ranging from $2.605 to $2.7 per share.
• Following the sale, Spence beneficially owns 1,595,417 shares, which includes 71,827 restricted stock units (RSUs).
• RSUs represent the right to receive one share of Class A Common Stock each.
• A portion of RSUs (148,417) began vesting in 1/4 increments on each anniversary of March 17, 2022, and are settled within 30 days following each vesting date.
• Another portion of RSUs (34,722) vest on the earlier of June 12, 2026, or the Issuer's 2026 annual meeting of stockholders, and are settled within 30 days following such vesting date.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 5

Explanation: The filing reports a director's sale of shares, which is a factual transaction. While insider selling can sometimes be viewed negatively, the indication of a 10b5-1 plan suggests it was pre-scheduled and not necessarily based on new negative information, leading to a neutral sentiment.

Positives

• NA

Negatives

• A Director sold 200,000 shares of Class A Common Stock, reducing insider ownership.

Risks

• NA

Future Outlook

NA

Management Comments

• NA

Industry Context

NA

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• Director Padraic L. Spence sold 200,000 shares of Zevia PBC Class A Common Stock.

Stakeholder Impact

• Shareholders: Reduced insider ownership, which could be perceived as a minor negative signal, although the transaction was executed under a Rule 10b5-1 plan.

Next Steps

• Continued vesting of 148,417 RSUs in 1/4 increments on each anniversary of March 17, 2022, with settlement within 30 days following each vesting date.
• Vesting of 34,722 RSUs on the earlier of June 12, 2026, or the Issuer's 2026 annual meeting of stockholders, with settlement within 30 days following such vesting date.

Key Dates

Recommendation

This Form 4 reports a director's sale of a significant number of shares. While insider selling can attract market attention, the transaction was executed under a Rule 10b5-1 plan, indicating it was pre-scheduled and not necessarily driven by new, undisclosed information. Without additional context on Zevia PBC's financial performance or strategic developments, this single insider transaction does not provide sufficient grounds for a strong buy or sell recommendation. Investors should maintain their current position and monitor for broader company news and market trends.

Keywords

Zevia PBC, ZVIA, insider trading, Form 4, stock sale, director, Padraic L. Spence, Class A Common Stock, restricted stock units, RSU, 10b5-1 plan