MILLS KAREN G 4

What Happened
Karen G. Mills, a director of Skillsoft Corp. (SKIL), had a derivative conversion on June 25, 2026. The filing reports 12,430 shares marked as "disposed" at $0.00 and 12,430 shares "acquired" at $0.00 (transaction code M — exercise/conversion of a derivative). This reflects a conversion of vested restricted stock units into an equal number of phantom stock shares; no cash was paid or received in the transaction.

Key Details

• Transaction date: 2026-06-25; Form 4 filed 2026-06-26 (timely filing).
• Reported amounts: 12,430 shares disposed @ $0.00 and 12,430 shares acquired @ $0.00.
• Transaction code: M (exercise or conversion of a derivative). The paired dispose/acquire entries reflect conversion of one award type into another, not a market sale or purchase.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Relevant footnotes from the filing:
  • F1: Each restricted stock unit (RSU) represents a contingent right to one share of Class A common stock.
  • F2: The RSUs vest on the earlier of one year after grant or the next annual meeting, subject to continued service.
  • F3: Phantom stock shares represent contingent rights to receive one Class A share and resulted from the election to defer settlement of vested RSUs (i.e., RSUs converted into phantom stock).

Context
This transaction is a non-cash conversion of vested awards (RSUs → phantom stock) and is not a buy or sell that signals a cash commitment or liquidation by the director. Phantom stock typically defers actual share delivery and/or cash settlement, so it reflects an election about timing of receipt rather than a market-directional trade.