Empery Digital Inc. — Director's Dealing 2025

Jul 22, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Volcon, Inc. (VLCN)
CIK: 0001829794
Period of Report: 2025-07-17

Reporting Person: Endo Greg (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-21	Common Stock	A	20000	$10.00	Acquired	20000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-17	Stock options (right to buy)	$10.00	A	72150	Acquired	2035-05-30	Common Stock (72150)	Direct
2025-07-17	Stock options (right to buy)	$10.00	A	747005	Acquired	2035-07-17	Common Stock (747005)	Direct

Footnotes

F1: The shares of common stock were purchased by the Reporting Person in the Issuer's recently announced private placement with certain accredited and institutional investors, which closed on July 21, 2025.

F2: The Reporting Person and the Issuer amended an existing option grant agreement pursuant to which the Reporting Person was granted options to purchase 72,150 shares of common stock of the Issuer (as adjusted for the Issuer's June 11, 2025 one-for-eight reverse stock split) in connection with the Reporting Person's employment service to the Company. The amendment increased the exercise price of such options to $10 per share of common stock.

F3: The stock options vest based upon the daily volume weighted average price ("VWAP") of the Issuer's common stock, vesting as to 20% of the of the underlying shares of common stock upon the VWAP reaching $10 and then in incremental 20% installments until becoming fully vested upon a VWAP of $30. All vesting is subject to the approval by the Issuer's stockholders of a new stock option plan.

F4: The stock options were issued by the Issuer in connection with the Reporting Person's employment service as Chief Financial Officer of the Issuer on July 17, 2025. All vesting is subject to the approval by the Issuer's stockholders of a new stock option plan.