ISQ Holdings, LLC 4

What Happened ISQ Global Fund II GP LLC (reported as a 10% owner) executed conversions of derivative securities on April 6, 2026. The filing shows:

• 1,500,000 shares acquired via conversion of a derivative security (conversion, price N/A)
• 1,500,000 shares disposed via conversion/derivative adjustment at $0.00 (no cash proceeds)

These entries reflect derivative conversions/cancellations rather than open-market purchases or cash sales.

Key Details

• Transaction date: April 6, 2026; Filing date: April 8, 2026 (reported promptly).
• Acquired: 1,500,000 shares (conversion of derivative security; acquisition price listed as N/A).
• Disposed: 1,500,000 shares (disposition listed at $0.00 — indicates a non‑cash conversion/cancellation).
• Shares owned after the transaction: not specified in the provided excerpt.
• Footnotes: Transactions relate to a prior Contribution Agreement (F1). “Kinetik Holdings Units” are paired partnership units and Class C shares; redemption/cancellation mechanics apply (F2). Securities are directly held by Buzzard Midstream LLC; ISQ Global Fund II GP acts as general partner with voting/investment power (F3).
• No indication this was a 10b5-1 plan, cash sale, award, or tax-withholding event.

Context

• This is an institutional (10% owner) derivative conversion, not insider executive trading; such conversions often reflect structural unit/share mechanics rather than a signal of buy/sell intent.
• The $0.00 disposal price typically means the shares were cancelled, exchanged, or otherwise adjusted through the derivative conversion process rather than sold for cash.