SMERLING ROBERT F 4

What Happened

• Robert F. Smerling, President — U.S. Cinemas of Reading International, had 24,400 restricted stock units (RSUs) fully vest on April 11, 2026. The filing reports an exercise/conversion of the derivative (code M) for 24,400 units at a $0.00 exercise price and a related tax/exercise payment entry (code F). No sale or cash proceeds were reported; delivery of underlying Class A shares will occur per the reporting person's irrevocable deferral election.

Key Details

• Transaction date: April 11, 2026; Form 4 filed April 14, 2026 (timely filing).
• Reported actions: M = conversion/exercise of 24,400 RSUs into shares (price $0.00); F = payment of exercise price or tax liability related to those units.
• Shares delivered/ownership after transaction: Not specified in the filing; footnote says shares will be delivered according to an irrevocable deferral election.
• Origin of award: These RSUs were part of a grant on April 11, 2023 under the company’s 2020 Stock Incentive Plan (see footnotes for vesting schedule).
• No open-market sale or purchase was reported — this is a vesting/conversion event, not a trade.

Context

• This was a vesting/conversion of RSUs (a derivative-to-share event), not a cash purchase or a sale. The filing shows $0.00 exercise price and no proceeds, and the shares’ delivery is subject to Smerling’s deferral election. Such vesting events are routine compensation-related transactions and do not, by themselves, indicate buying or selling sentiment.