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Liberty Global Ltd.·4

Mar 10, 8:17 PM ET

FRIES MICHAEL T 4

Research Summary

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Updated

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.