Coussin Halit 4

What Happened

• Coussin Halit, CLO, CCO and a director of Pershing Square Inc. (PS), was granted 6,984,161 M Units of Pershing Square Partner Group, LLC (a derivative award redeemable for issuer common stock) on 2026-04-28. These M Units are unvested and convert into Issuer common stock on a one-for-one basis upon vesting (see vesting schedule below).
• In connection with the combined IPO transactions completed April 30, 2026, the filing also reports a disposition to the issuer of 197,771 shares (reported at $0.00) and an other acquisition of 40,000 shares on April 30, 2026. The disposition appears to reflect a contribution/adjustment tied to the Purchase Price Adjustment Agreement and the combined IPO mechanics, not a cash market sale.

Key Details

• Grant (A): 6,984,161 M Units (derivative award) on 2026-04-28; price N/A (unvested).
• Disposition to issuer (D): 197,771 shares on 2026-04-30 at $0.00 (reported value $0).
• Other acquisition/disposition (J): 40,000 shares on 2026-04-30; price N/A.
• Vesting: M Units are unvested. Standard vesting schedule: 6.25% yearly years 1–4, 8.33% yearly years 5–7, and 16.67% yearly years 8–10.
• Redemption: Upon vesting each M Unit may be redeemed one-for-one for Issuer common stock held by PSPG, subject to certain adjustments; redemption rights do not expire.
• Transaction context: The transactions relate to a combined IPO (Pershing Square Inc. and Pershing Square USA, Ltd.) and a Purchase Price Adjustment Contribution by PSPG and related parties. Per the filing, initial investors in the PS IPO received Issuer common stock in connection with PSUS IPO purchases (see footnotes).
• Shares owned after transaction: Not specified in this Form 4 (filing does not list total post-transaction beneficial ownership).
• Filing timeliness: The Form 4 was filed 2026-05-04 for transactions dated 2026-04-28 and 2026-04-30 (filed more than two business days after the principal transaction date).

Context

• These M Units are a derivative compensation grant (award), not an open-market purchase. Because they are unvested and subject to a long multi-year vesting schedule, they represent future potential share issuance rather than immediate stock ownership.
• The disposition to the issuer was reported at $0 and appears tied to IPO-related purchase price adjustment mechanics (contributions), so it should not be read as a routine cash sale.
• For retail investors, awards and IPO-related adjustments are informational about management compensation and structural changes in ownership; purchases or open-market buys usually carry more direct signals about insider sentiment.