FRIES MICHAEL T 4

What Happened
Director Michael T. Fries exercised in‑the‑money derivatives on May 4, 2026 to acquire 277,500 Certificados de Participación Ordinarios (CPOs) at $0.09 each, for a total reported cost of $24,975. The filing also shows an open‑market sale of 44,500 CPOs at an average price of $0.57 each, yielding $25,365. A separate derivative entry shows disposition of 277,500 CPOs at $0 (derivative), which relates to how the trust administering the Stock Purchase Plan handled the shares (see footnotes).

Key Details

• Transaction date: 2026-05-04; Form 4 filed 2026-05-06 (timely).
• Acquired: 277,500 CPOs by exercise at $0.09 each — total $24,975.
• Sold: 44,500 CPOs in open market at $0.57 each — total $25,365 (price is an average per footnote).
• Additional entry: 277,500 CPOs reported as disposed at $0 (derivative) — reflects trust handling of the exercised awards.
• Shares owned after transaction: Not disclosed in the filing.
• Notable footnotes:
  • F1: Each CPO represents multiple underlying series shares (25 Series A, 22 Series B, 35 Series L, 35 Series D).
  • F2: USD amounts reflect conversion from MXN at 17.5161 MXN/USD (Apr 30, 2026).
  • F3–F4: The trust administering the director stock purchase plan sold a portion of CPOs to cover the purchase price (sell‑to‑cover); the sale price reported is an average across sales made by the trust for several participants.

Context
This was an options exercise with partial sale activity by the administering trust to cover costs (a common "cashless" or sell‑to‑cover mechanism). The exercise (a purchase) is generally more informative than routine sales, but the trust’s sale of some CPOs to pay the exercise price means not all shares remained with the director. No indication of a late filing.