Toby R. Neugebauer - 13 Oct 2026 Form 4 Insider Report for Fermi Inc. (FRMI)

Reporting relationship: 10%+ Owner
Issuer ticker: FRMI
Reported as of: 13 Oct 2026
Net transaction value: -$14,355,868
SEC form: 4
Accepted by SEC: 15 Oct 2026, 18:07:33 UTC
Prior SEC filing: 02 Oct 2025
Source filing: View source filing
Reporting owner signature: /s/ Toby R. Neugebauer

Key filing fact

Toby R. Neugebauer filed Form 4 for Fermi Inc. (FRMI) on 15 Oct 2026.

Key facts

This page summarizes Toby R. Neugebauer's Form 4 filing for Fermi Inc. (FRMI).
2 reported transactions and 0 derivative rows are listed below.
Accepted by SEC: 15 Oct 2026, 18:07.

Change

Previous filing in this sequence was filed on 02 Oct 2025.
Current net transaction value: -$14,355,868.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (2)

CIK 0001098464 Primary reporting owner

NEUGEBAUER TOBY R

Relationship: 10%+ Owner
Address: 10777 STRAIT LANE, DALLAS
Signature: /s/ Toby R. Neugebauer
Signature date: 15 Oct 2026

CIK 0002088794

Melissa A. Neugebauer 2020 Trust

Relationship: 10%+ Owner
Address: 10777 STRAIT LANE, DALLAS
Signature: Melissa A. Neugebauer 2020 Trust, By: /s/ Toby R. Neugebauer, Trustee
Signature date: 15 Oct 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

FRMI transaction

Common Stock

Sale

Transaction value: $10,266,575
Shares: -2,750,000
Change %: -2.9%
Price: $3.73
Shares after: 91,609,659
Date: 13 Oct 2026
Ownership: See Footnote
Footnotes: F1, F2

FRMI transaction

Common Stock

Sale

Transaction value: $10,266,575
Shares: -2,750,000
Change %: -2.9%
Price: $3.73
Shares after: 91,609,659
Date: 13 Oct 2026
Ownership: See Footnote
Footnotes: F1, F2

FRMI transaction

Common Stock

Sale

Transaction value: $4,089,293
Shares: -1,297,200
Change %: -2.9%
Price: $3.15
Shares after: 43,359,176
Date: 14 Oct 2026
Ownership: See Footnote
Footnotes: F3, F4, F5

FRMI transaction

Common Stock

Sale

Transaction value: $4,089,293
Shares: -1,297,200
Change %: -2.9%
Price: $3.15
Shares after: 43,359,176
Date: 14 Oct 2026
Ownership: See Footnote
Footnotes: F3, F4, F5

FRMI holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 7,500,000
Date: 13 Oct 2026
Ownership: Direct

FRMI holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 7,500,000
Date: 13 Oct 2026
Ownership: Direct

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 5 footnotes

Footnote F1

The price reported in Column 4 above reflects the weighted average sale price. This transaction was executed in multiple trades at prices ranging from $3.69 to $3.845, inclusive. The Reporting Persons (as defined herein) hereby undertake to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote 1 of this Form 4.

Footnote F2

These securities are directly held by Melissa A. Neugebauer 2020 Trust (the "Trust"). Toby R. Neugebauer ("Mr. Neugebauer" and, together with the Trust, the "Reporting Persons") is the investment trustee of the Trust and may be deemed to beneficially own the securities held by the Trust. Mr. Neugebauer disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. This report shall not be deemed an admission that Mr. Neugebauer is the beneficial owner of such securities for purposes of Sections 13 and 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose. The Reporting Persons declare that neither the filing of this statement nor anything herein shall be construed as an admission that such persons are, for the purposes of Section 13(d) or 13(g) of the Exchange Act or any other purpose, a member of a group with respect to the Issuer or securities of the Issuer.

Footnote F3

The price reported in Column 4 above reflects the weighted average sale price. This transaction was executed in multiple trades at prices ranging from $3.09 to $3.215, inclusive. Mr. Neugebauer hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote 3 of this Form 4.

Footnote F4

This figure has been adjusted (i) to correct the figure reported in the Form 3 the Reporting Persons filed on September 30, 2025, which should have reported that Vicksburg Investments Management LLC held 40,156,376 shares, and (ii) to reflect the transfer of 4,500,000 shares from TMNN Manager LLC, of which Mr. Neugebauer is the managing member, to Vicksburg Investments Management LLC, of which Mr. Neugebauer is also the managing member, on December 19, 2025, which transaction was exempt from Section 16 of the Exchange Act pursuant to Rule 16a-13 thereunder.

Footnote F5

These securities are directly held by Vicksburg Investments Management LLC. Mr. Neugebauer is the managing member of Vicksburg Investments Management LLC and may be deemed to beneficially own the securities held by Vicksburg Investments Management LLC. Mr. Neugebauer disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. This report shall not be deemed an admission that Mr. Neugebauer is the beneficial owner of such securities for purposes of Sections 13 and 16 of the Exchange Act or for any other purpose.