Gencell executive converts RSUs and receives only a fifth of the shares

Gencell VP of Product Development Moshe Haim converted 12,595 RSU units and received only 2,519 shares in return. The reason: a past 5-to-1 adjustment made to the company's convertible securities, which directly impacted his equity compensation.

A senior VP at cleantech company Gencell converted restricted stock units (RSUs) into ordinary shares, but received only one-fifth of the original share amount. This stems from a past adjustment made to the company's convertible securities, which changed the conversion ratio to 5 units for every 1 share. As a result of the move, the executive's holding increased to 0.25% of the share capital, leaving him with 31,514 unvested RSU units.

Cleantech company Gencell, which develops fuel cell-based energy solutions, reported today on a change in holdings by one of its executives, revealing the practical impact of capital adjustments previously executed by the company. The executive in question is Moshe Haim, serving as VP of Product Development and Customer Support, who converted a portion of his restricted stock units (RSUs) into ordinary shares of the company.

According to the filing with the exchange, on September 30, 2026, 12,595 RSUs held by Haim vested. However, due to a prior adjustment made by the company to its convertible securities, the conversion took place at a 5-to-1 ratio. Consequently, in exchange for the 12,595 vested units, Haim received only 2,519 ordinary shares. The adjustment, noted in the filing and executed in October 2025, stipulated that "each convertible security exercised shall result in 0.2 ordinary shares."

The conversion, carried out without cash consideration as is standard upon RSU vesting, increased Haim's holding in Gencell's ordinary shares from 112,202 shares to 114,721 shares. This holding now represents approximately 0.25% of the company's share capital and voting power. Concurrently, Haim's balance of Series 5/23 RSUs decreased, and he now holds 31,514 unvested units.

The filing shows that in addition to shares and RSUs, Mr. Haim also holds 358,780 unlisted options. Calculated on a fully diluted basis, which includes all convertible securities in his possession (both RSUs and options), his potential holding rate in the company stands at 0.42% of the share capital and voting power.

This move does not constitute an open-market sale or purchase transaction, but rather the exercise of equity compensation previously granted to the executive. However, it concretely demonstrates how corporate decisions, such as adjusting security conversion ratios, directly impact the final scope of compensation received by the company's employees and managers.