FRIES MICHAEL T 4

What Happened

• Michael T. Fries, President & CEO and Director of Liberty Global Ltd., had 398,082 restricted share units (RSUs) convert into common shares on May 1, 2026 (derivative exercise/conversion). Per the filing, 190,859 shares were surrendered/withheld to cover taxes at $11.77 per share, generating $2,246,410. That leaves a net of roughly 207,223 shares retained from this vesting. The filing also notes receipt of 5,516 shares contributed by the issuer under its 401(k) plan.

Key Details

• Transaction date: May 1, 2026; Form 4 filed May 5, 2026.
• Awards converted (code M / acquisition A): 398,082 RSUs = 398,082 shares (RSU = 1 share each per footnote).
• Tax/withholding (code F): 190,859 shares disposed at $11.77 = $2,246,410.
• Net shares received from vesting: ~207,223 (398,082 − 190,859).
• Additional note: 5,516 shares were contributed under the company 401(k) plan (footnote).
• Vesting schedule: filing indicates these RSUs vested in full on May 1, 2026 (footnote); other RSU grants referenced have staggered vesting schedules.
• Filing shows no late-filing flag; report covers May 1 transactions and was filed May 5, 2026.

Context

• This appears to be routine RSU vesting with shares withheld to cover tax obligations (a common "cashless" settlement), not an open-market sale intended as a directional bet on the stock. Derivative code M indicates conversion/exercise of RSUs into shares; code F indicates shares used to pay taxes/withholding. Such withholding transactions are standard and do not necessarily signal the insider’s view of the company’s stock. The issuer’s trading symbols are LBTYA, LBTYB, and LBTYK.