Peter E. Haas Jr. Family Fund 4

What Happened
The Peter E. Haas Jr. Family Fund (a 10% owner) converted 4,338 shares of Class B into Class A common stock and then sold those 4,338 Class A shares in the open market at $24.00 per share, generating $104,120 in proceeds. The conversion itself had no cash cost to the holder.

Key Details

• Transaction dates: conversion and sale on 2026-05-27; Form 4 filed 2026-05-28 (filed promptly).
• Sale price: $24.00 per share; proceeds: $104,120.
• Conversion: 4,338 Class B → 4,338 Class A (no cash consideration) per footnotes.
• Sale executed pursuant to a Rule 10b5-1 plan adopted April 13, 2026.
• Shares owned after the transaction: not specified in the provided filing details.
• Insider type: 10% owner (family fund), not an executive trade.

Context
Footnotes clarify that each Class B share is convertible into one Class A share at the holder’s option with no expiration, and this filing reflects a conversion followed by an immediate sale under a pre-established 10b5-1 trading plan. Sales under 10b5-1 plans are scheduled trades and are generally considered routine disposition activities rather than ad hoc signals of insider sentiment.