Gardner Alan 4

What Happened

• Alan Gardner, Chief People Officer of Frontier Communications Parent, Inc. (FYBR), had company awards disposed/converted in connection with the January 20, 2026 merger with Verizon. The filing shows dispositions (to the issuer) totaling 205,637 shares across five entries. Vested awards were canceled for cash at $38.50 per share (≈ $7.92M total); remaining unvested awards were converted into restricted stock units of Verizon (Parent) rather than paid in cash.

Key Details

• Transaction date: January 20, 2026 (Effective Time of the merger).
• Consideration: Each outstanding Frontier share was converted into the right to receive $38.50 in cash (per Merger terms). Vested RSUs/PSUs were canceled and paid in cash at $38.50 per underlying share; certain unvested 2025 RSUs and 2025–2027 PSUs were converted into Parent RSUs using an exchange ratio (38.5/39.7141).
• Reported disposals: 115,556; 14,704; 5,965; 50,833; and 18,579 shares (total 205,637).
• Approximate cash value received for vested awards: $205,637 × $38.50 ≈ $7.92 million (some entries reflect derivative conversions with $0 cash because they became Parent RSUs).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: Transactions reflect merger mechanics per the Merger Agreement (F1–F6) — automatic conversion/cash-out of shares and conversion of unvested equity into Parent RSUs.
• Timeliness: Filed Jan 22, 2026 for Jan 20, 2026 transactions (filed within the typical two-business-day Form 4 window).

Context

• These were merger-related dispositions/conversions, not open-market sales. Vested restricted stock units and performance units were cashed out at the merger price; unvested awards were converted into Verizon (Parent) RSUs under the exchange ratio. Such entries reflect corporate transaction mechanics rather than a discretionary sale by the insider.