STEEL ROBERT K 4

What Happened

• Robert K. Steel, a director of Perella Weinberg Partners (PWP), converted/exercised PWP OpCo units (derivative/option-type transactions) into Class A shares and then disposed of most of those shares on May 18, 2026.
• The filing shows roughly 198,083 Class A shares acquired at $0.00 (plus a small fractional amount) and multiple dispositions: 198,083 shares sold/converted at $18.37 for $3,638,785, a $0.02-per-share disposition of 198,083 shares for $3,962, and a separate small disposition of 2.08 shares for $38. Total reported proceeds from the disclosed dispositions ≈ $3,642,785.
• This transaction reflects an exchange/settlement of OpCo units/Class B-1 shares into Class A shares (and some cash settlement), rather than a typical open-market purchase.

Key Details

• Transaction date: May 18, 2026; Form 4 filed May 20, 2026 (timely filing).
• Principal entries: exercise/conversion of derivatives (code M) and dispositions to issuer (code D).
• Prices and proceeds: primary disposition 198,083 shares @ $18.37 = $3,638,785; small additional dispositions totaling ≈ $3,962 and $38; combined ≈ $3.64M.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Notable footnotes: the trades reflect exchanges of PWP OpCo Units for Class A Shares (and in some cases cash). Class B-1 Shares surrendered were converted at a 0.001 Class A Share per Class B Share conversion rate; issuer had the option to settle in cash for some exchanges.
• Filing remarks note prior internal reorganizations (transfer/allocation among related partnerships) that did not change the reporting person’s pecuniary interest.

Context

• These are derivative conversions/exchanges followed by dispositions (a cash settlement / cashless-style outcome), not necessarily open-market sales to unrelated buyers. For derivative transactions, the filing indicates conversion/exchange of partnership units into common stock and/or cash.
• Such transactions often reflect liquidity or structural exchanges tied to corporate/unit conversion rules; they are factual disclosures and do not by themselves indicate the insider’s view of the company’s prospects.