FRIES MICHAEL T 4
4 · Liberty Global Ltd. · Filed Mar 10, 2026
Research Summary
AI-generated summary of this filing
Liberty Global CEO Michael Fries Receives Award, Sells Shares for Taxes
What Happened
Michael T. Fries, President & CEO of Liberty Global (ticker classes LBTYA/LBTYB/LBTYK), received 126,631 Class A shares as part of the company's 2025 Annual Performance Award and was also granted 15,828 Restricted Share Units (RSUs). To satisfy withholding obligations related to the award, 60,614 shares were delivered/treated as disposed at $12.54 per share, totaling about $760,100. A footnote also shows 6,158 shares were contributed by the issuer under the company 401(k) plan as of March 6, 2026.
Key Details
- Transaction date(s): March 6, 2026; Form 4 filed March 10, 2026 (filed more than two business days after the transaction).
- Sale price for withholding: $12.54 per share for 60,614 shares → ~$760,100 (code F: tax withholding).
- Awards/acquisitions: 126,631 Class A shares (performance award) and 15,828 RSUs (derivative grant; each RSU = right to one share).
- RSU vesting: The 15,828 RSUs represent 12.5% of the shares received under the award and will vest in full on March 1, 2027, provided the bonus shares aren’t sold or transferred before that date.
- 401(k) contribution: 6,158 shares were contributed by the issuer under its 401(k) plan as of March 6, 2026 (footnote).
- Shares owned after the transaction: Not specified in the reported excerpt.
- Transaction codes: A = award/grant (acquisition); F = payment of exercise price or tax withholding (the 60,614-share disposal was to cover tax obligations).
- Filing timeliness: Filed March 10 for March 6 transactions — appears later than the two-business-day Form 4 filing window.
Context
This was largely an award vesting event with an associated tax-withholding share delivery/sale, which is a routine administrative step and not the same as an opportunistic open-market sale. The RSUs are a derivative award that will convert to shares only upon vesting (March 1, 2027, subject to conditions). Such withholding transactions are common when executives receive equity compensation and do not necessarily indicate a change in the insider’s view of the company.
Insider Transaction Report
- Award
Class A Common Shares
[F1]2026-03-06+126,631→ 1,143,277 total - Tax Payment
Class A Common Shares
2026-03-06$12.54/sh−60,614$760,100→ 1,082,663 total - Award
Restricted Share Units A
[F3][F4]2026-03-06+15,828→ 15,828 total→ Class A Common Shares (15,828 underlying)
- 8,135(indirect: By 401(k))
Class A Common Shares
[F2]
Footnotes (4)
- [F1]Class A common shares of the Issuer received by the Reporting Person pursuant to the Issuer's 2025 Annual Performance Award for employees (which was paid in part in shares), subject to applicable tax withholding.
- [F2]The Reporting Person received 6,158 shares contributed by Issuer under its 401(k) Plan as of March 6, 2026.
- [F3]Each Restricted Share Unit ("RSU") represents a right to receive one share of Issuer's Class A common shares or Class C common shares, as the case may be.
- [F4]Based on the Reporting Person's receipt of shares as part of the 2025 Annual Performance Award described in footnote 1, the Reporting Person also received RSUs equal to 12.5% of such shares received pursuant to the shareholding incentive program of the 2025 Annual Performance Award program. These RSUs will vest in full on March 1, 2027, provided that the Reporting Person does not sell, transfer or otherwise dispose of the Bonus Shares through such date.