Hakim Ben 4

What Happened Hakim Ben, President and Director of Pershing Square Inc. (PS), recorded multiple transactions tied to Pershing Square’s combined IPO/private placement and related purchase‑price adjustments. Key items: a grant of 10,098,060 derivative shares (reported as unvested “M Units”) on 2026-04-28, plus acquisitions on 2026-04-30 of 75,000 shares and 20,000 shares (different acquisition codes). On 2026-04-30 he also disposed of 231,388 shares to the issuer at $0 (surrendered). Most acquisitions were issued with no additional consideration per the combined IPO/private placement and adjustment agreements; the disposition was reported at $0.

Key Details

• Transaction dates: April 28, 2026 (derivative grant) and April 30, 2026 (two acquisitions and one disposition). Filing date: May 4, 2026 (filing appears late — marked L).
• Reported amounts:
  • 10,098,060 derivative shares (grant, unvested M Units) on 04-28 (code A).
  • 75,000 shares (grant/award) on 04-30 (code A).
  • 20,000 shares (other acquisition) on 04-30 (code J).
  • 231,388 shares disposed to issuer on 04-30 at $0 (code D).
• Prices/consideration: acquisitions reported as N/A or no additional consideration per the combined IPO/private placement; disposition to issuer reported at $0.
• Shares owned after transaction: not specified in the provided Form 4 excerpt.
• Notable footnotes:
  • Transactions relate to a combined transaction of Pershing Square Inc. and Pershing Square USA, Ltd. (IPO and concurrent private placements) and a Purchase Price Adjustment Contribution by Pershing Square Partner Group, LLC (PSPG).
  • The 10,098,060 derivative entry represents unvested “M Units” granted pro rata to the reporting person; M Units vest over 10 years (gradual schedule) and can be redeemed one‑for‑one for Issuer shares upon vesting, subject to adjustment.
  • The 231,388 share disposition reflects contribution/surrender mechanics tied to the purchase price adjustment process.
• Timeliness: The Form 4 was filed May 4, 2026 for transactions on April 28 and 30 — this is after the typical 2 business‑day reporting window (filed late).

Context

• These entries are largely corporate reorganization/payment and award related (not open‑market buys/sells). The large derivative grant (M Units) is unvested and subject to a long vesting schedule, so it is not an immediate transfer of liquid shares.
• Surrenders to the issuer and no‑consideration issuances commonly reflect deal mechanics (purchase‑price adjustments and free shares issued with the IPO/private placement), and do not necessarily signal short‑term insider trading intent.