On January 7, 2025, the Equatorial Trust—a family trust settled by Peter Beck and Kerryn Beck, with shared control by Warren Butler—disposed of 50,951,250 shares of RKLB common stock to the issuer in exchange for 50,951,250 shares of Series A Convertible Participating Preferred Stock, per an Exchange Agreement dated December 3, 2024, approved by the board. The preferred stock is convertible 1:1 to common at the holder's option, with automatic conversion triggered by transfer, Peter Beck ceasing to be CEO, his death/disability, or ownership falling below 5%. Post-transaction, Peter Beck holds 789,373 common shares directly, with the trust holding 0 common but 50,951,250 preferred (beneficially equivalent). No 10b5-1 plan noted. This is not a sale but a restructuring preserving economic interest and tying shares to long-term leadership commitment; no historical pattern context provided.

This transaction signals strong long-term confidence from CEO Peter Beck, as his family trust retains full economic exposure via convertible preferred without selling shares, effectively locking commitment to his ongoing leadership role. Neutral to bullish signal with no divestment risk.