SMITH DAVID D 4

What Happened
David D. Smith (reported as a 10% owner) reported a series of derivative share transactions on 2026-03-30 involving Class B Common Stock (convertible at his election). The filing shows four gift dispositions of 1,000,000 derivative shares each (total disposed = 4,000,000) and four corresponding grants/acquisitions of 1,000,000 derivative shares each (total acquired = 4,000,000). All transactions were reported at $0.00 per share (total reported value $0). These entries are coded as G (Gift) and A (Grant/acquisition); gifts are dispositions and do not indicate a market sale.

Key Details

• Transaction date(s): 2026-03-30 (filed 2026-03-31) — filing appears timely (Form 4 due within two business days).
• Transaction types and amounts: four Gifts (G) of 1,000,000 derivative Class B shares each and four Grants/Acquisitions (A) of 1,000,000 derivative Class B shares each; all reported at $0.00.
• Shares owned after transactions: Reporting person directly owns 2,911,072.227 shares of Class B Common Stock (per footnote F3).
• Notable footnotes: F1 — gifts to a trust for benefit of the reporting person’s child; F2 — Class B shares are convertible at the reporting person’s election and have no expiration; F5 — some acquisitions were "acquired by gift from Reporting Person"; F6 — reporting person retains right to substitute corpus of the trust.
• Insider status: Reporting person is a 10% owner (not labeled as an executive in the filing).

Context

• These are derivative, convertible Class B shares (not open-market buys/sells). Gifts to family trusts are often estate or family planning moves and do not necessarily indicate the insider’s view of the stock.
• Because the reported price is $0, the Form 4 reflects transfers/gifts rather than market transactions with cash proceeds.