Form 4: Zevia PBC Director Andrew Ruben Reports Significant Restricted Stock Unit Grant

Zevia PBC Director Andrew Ruben has reported the acquisition of 34,722 restricted stock units (RSUs) as part of an equity incentive plan, increasing his direct beneficial ownership to 226,968 shares.

Summary

• Andrew Ruben, a Director of Zevia PBC, reported the acquisition of 34,722 Class A Common Stock shares in the form of Restricted Stock Units (RSUs) on June 12, 2025.
• These RSUs were granted under the Zevia PBC 2021 Equity Incentive Plan, with each RSU representing the right to receive one share of Class A Common Stock.
• The RSUs are scheduled to vest on the earlier of June 12, 2026, or the Issuer's 2026 annual meeting of stockholders, and will be settled within 30 days following such vesting date.
• Following this transaction, Mr. Ruben's direct beneficial ownership of Zevia PBC Class A Common Stock increased to 226,968 shares, which includes the 34,722 RSUs.
• Mr. Ruben also indirectly beneficially owns 9,560 shares through The Ruben Family Trust.

Sentiment

Score: 7

Explanation: The grant of RSUs to a director is generally viewed positively as it increases insider ownership and aligns management's interests with shareholders. However, it's a grant, not an open-market purchase, which would typically signal stronger conviction, hence a moderately positive score.

Positives

• The grant of 34,722 Restricted Stock Units (RSUs) to Director Andrew Ruben increases his direct beneficial ownership, aligning his interests more closely with those of shareholders.
• The RSUs are part of the Zevia PBC 2021 Equity Incentive Plan, indicating a structured approach to executive compensation tied to future performance and retention.

Risks

• The document, being a Form 4, does not detail company-specific operational or financial risks. The primary risk associated with RSUs is that their ultimate value is tied to the future stock price, meaning the value realized by the director could be lower if the stock price declines.

Future Outlook

The granted Restricted Stock Units (RSUs) are set to vest on the earlier of June 12, 2026, or Zevia PBC's 2026 annual meeting of stockholders, with settlement occurring within 30 days of vesting.

Industry Context

This Form 4 filing reflects a standard practice in corporate governance where directors receive equity compensation, such as Restricted Stock Units (RSUs), to align their long-term interests with the company's performance and shareholder value. Such grants are common across various industries as a component of executive and director compensation packages.

Corporate Governance

Related Party Transactions

• Andrew Ruben's indirect beneficial ownership of 9,560 shares through The Ruben Family Trust is noted, indicating a pre-existing related party holding.

Stakeholder Impact

• Shareholders: Increased alignment of a director's interests with shareholder value due to the equity grant.
• Employees: The equity incentive plan provides a framework for compensation that can attract and retain key personnel, potentially benefiting the company's long-term stability.

Next Steps

• Vesting of the 34,722 Restricted Stock Units (RSUs) on the earlier of June 12, 2026, or the Issuer's 2026 annual meeting of stockholders.
• Settlement of the vested RSUs into Class A Common Stock within 30 days following the vesting date.

Key Dates

Keywords

Zevia PBC, ZVIA, Andrew Ruben, Form 4, SEC filing, insider transaction, restricted stock units, RSU, equity incentive plan, director compensation, beneficial ownership