CHEDRAUI EGUIA Jose Antonio 4

What Happened
CHEDRAUI EGUIA, Jose Antonio (Administrative Advisor) exercised in‑the‑money derivative rights on May 4, 2026, resulting in the acquisition of 277,500 CPOs at an effective cost of $0.09 per share (total reported $24,975). On the same day he sold 44,500 shares in an open‑market/private sale at an average price of $0.57 per share (total $25,365). The filing also reports the derivative instrument being disposed/settled in connection with the exercise (277,500 units reported with $0 value), consistent with conversion/settlement of the derivative.

Key Details

• Transaction date: 2026-05-04; Form 4 filed 2026-05-06 (appears timely).
• Actions reported: exercise of in‑the‑money derivative (277,500), open‑market/private sale of 44,500 shares.
• Prices/values reported: acquisition at $0.09 per share (total $24,975); sale at $0.57 per share (total $25,365); derivative disposal reported at $0.00 value.
• Net change (simple arithmetic): +233,000 shares (277,500 acquired − 44,500 sold).
• Shares owned after transaction: Not specified in the filing.
• Notable footnotes:
  • F1: Each CPO represents multiple underlying Televisa share series (conversion ratios apply).
  • F2: USD amounts reflect MXN→USD conversion using 17.5161 MXN/USD (as of 4/30/2026).
  • F3/F4: Sales were effected by a trust on behalf of the reporting person (average sale price reflects combined sales); the trust may sell a portion of CPOs to pay the exercise price (Ps.1.60 per CPO) and deliver the remainder to the reporting person.

Context

• This appears to be a cashless/settlement style exercise where a trust handled part of the proceeds/withholding: the trust sold some CPOs to cover the exercise price and possibly taxes, and the remainder was delivered to the insider. The derivative line showing $0 typically reflects settlement of the derivative instrument rather than a separate cash sale.
• Purchases (exercises that increase holdings) are often more informative than routine sales; here the insider acquired a material number of CPOs and sold a smaller portion the same day.
• No indication in the filing of a 10b5‑1 plan or late filing beyond the posted dates.