SMITH DAVID D 4

What Happened

• David D. Smith, a reported 10% owner of Sinclair, Inc. (SBGI), acquired a total of 4,000,000 shares of Class B Common Stock on 2026-03-27 via a series of derivative "other acquisition" transactions. The trades consisted of eight entries (four for 373,700 shares and four for 626,300 shares) at $13.14 per share, totaling $52,560,000.
• Footnotes indicate Smith "exercised his right to substitute the corpus of the trust and withdrew the shares from the trust" (F1). The Class B shares are convertible at his election and have no expiration date (F2). This is an acquisition (a purchase/receipt of shares), which retail investors often view as more informative than routine sales.

Key Details

• Transaction date: 2026-03-27; reported on Form 4 filed 2026-03-30 (filed timely).
• Price: $13.14 per share; total value: $52,560,000.
• Quantity: 4,000,000 Class B shares (8 transactions: 4×373,700 and 4×626,300).
• Shares owned after transaction: 6,911,072.227 shares of Class B Common Stock (direct) (F3).
• Additional holdings (direct and indirect) in Class A Common Stock summarized in filing (see F4 for breakdown).
• Notable footnotes: trust corpus substitution and withdrawal (F1); Class B convertibility (F2). Transaction coded as derivative "other acquisition" (J).

Context

• These were derivative-related acquisitions involving a trust substitution/withdrawal, not open-market purchases. For retail investors, that means shares moved into Smith’s direct ownership via an internal trust action rather than through a brokered market buy.
• As a 10% owner (not necessarily an executive trading on day-to-day company operations), this filing reports a significant increase in his direct Class B stake but does not by itself explain intent or future plans.