Pershing Square Partner Group LLC 3
3 · PERSHING SQUARE INC. · Filed Apr 29, 2026
Insider Transaction Report
Form 3
Pershing Square Partner Group LLC
Director10% Owner
Holdings
- 197,732,599
Common Stock
M Units of PSPG (Obligation to Deliver)
[F1][F2][F3]→ Common Stock (197,732,599 underlying)
Footnotes (3)
- [F1]These M Units ("M Units") of Pershing Square Partner Group, LLC ("PSPG") were granted on April 28, 2026 to the applicable personnel of the Issuer, including its named executive officers, pursuant to an amendment of PSPG's governing document on a pro rata basis of each recipient's prior interest in PSPG. The grant was approved by the board of directors of the Issuer in accordance with Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").
- [F2]The M Units held by William A. Ackman are fully vested and not subject to vesting or forfeiture, and the M Units of each other holder are subject to vesting and forfeiture. The standard vesting schedule for M Units provides for vesting (i) 6.25% each year during years 1 to 4, (ii) 8.33% each year during years 5 to 7, and (iii) 16.67% each year during years 8 to 10. One holder has a condensed vesting schedule, which follows the aforementioned schedules for years 1 to 4, except all remaining unvested M Units vest at the end of year 5.
- [F3]Upon vesting, each M Unit may be redeemed by the holder, subject to certain conditions, for shares of Issuer common stock held by PSPG on a one-for-one basis, subject to certain adjustments pursuant to the terms approved by the board of directors of the Issuer. These redemption rights do not expire.
Signature
PERSHING SQUARE PARTNER GROUP, LLC, By: PERSHING SQUARE MANAGEMENT, LLC, its Managing Member, By:/s/ William A. Ackman, Member and Chief Executive Officer|2026-04-29