Haas Margaret E. 4

What Happened Margaret E. Haas, reported as a 10% owner and board chair, converted 47,721 shares of Class B common stock into Class A common stock and then sold those 47,721 Class A shares. The shares were sold on June 11, 2026 at a weighted average price of $24.01 per share, generating total proceeds of $1,145,891. The conversion was reported at $0 cost (straight conversion of Class B to Class A).

Key Details

• Transaction date: June 11, 2026.
• Conversion: 47,721 Class B → 47,721 Class A (reported as conversion of a derivative security; no cash cost).
• Sale: 47,721 shares sold on open market; weighted average price $24.01; price range $24.00–$24.0475; total proceeds $1,145,891.
• Plan: Shares were sold pursuant to a Rule 10b5-1 trading plan adopted April 13, 2026.
• Ownership/beneficial interest: Shares are held by the Margaret E. Haas Fund and by trusts/LLC for beneficiaries; Ms. Haas is board chair/trustee/manager and disclaims beneficial ownership of those holdings per the filing.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Filing timeliness: Form 4 was filed June 12, 2026 for a June 11, 2026 transaction — within the typical 2-business-day Form 4 reporting window.

Context This was a conversion of Class B shares into Class A shares followed by an immediate sale (i.e., not a purchase). Conversions of Class B to Class A are routine structural actions (each Class B converts 1:1 to Class A and has no expiration). The sale was executed under a pre-established 10b5-1 plan, which typically schedules trades in advance and is considered routine rather than an ad hoc insider sale. Ms. Haas is reported as a 10% owner but disclaims beneficial ownership of the shares held in funds/trusts referenced in the filing.