<div id="readability-page-1"><div><p><span>Jonas Howard S Chairman of the Board of Rafael Holdings Inc [RFL] filed a Form 4 on December 16, 2025 with the Securities and Exchange Commission disclosing the following changes in ownership:</span></p><div><table><tbody><tr><td><span>Date</span></td><td><span>12/13/25</span></td></tr><tr><td><span>Transaction</span></td><td><span>Surrender(1)</span></td></tr><tr><td><span>Shares</span></td><td><span>9,867</span></td></tr><tr><td><span>Price</span></td><td><span>$1.50</span></td></tr><tr><td><span>Value</span></td><td><span>$14,776</span></td></tr></tbody></table></div><p><span>Ending Holdings: 14,787,818 (257,840 - Direct, 14,529,978 - Indirect)</span></p><ul><li><span>(1)</span></li><li><span>Surrender of shares back to company to pay option exercise cost and/or resulting tax liability.</span></li></ul><p><span>For a free trial, or to learn more about our insider trading analysis and data services, please visit http://www.washingtonservice.com or contact us at (301) 913-5100 or send an email to info@washingtonservice.com.</span></p><p><span>Founded in 1970, The Washington Service provides securities professionals with financial, economic and public policy research and data.</span></p><span> </span></div></div>

<p>Jonas Howard S, Chairman of Rafael Holdings Inc, surrendered 9,867 shares back to the company to cover option exercise costs and tax liabilities. This transaction was disclosed in a Form 4 filed with the SEC on December 16, 2025. His ending holdings are 14,787,818 shares, with 257,840 direct and 14,529,978 indirect.</p>

Chmn Jonas Surrenders 9,867 Of Rafael Holdings Inc [RFL]