Segrave Thomas James Jr. 4

What Happened
Segrave Thomas James Jr., CEO of FlyExclusive (FLYX), reported an administrative conversion of derivative securities on February 18, 2026. The Form 4 shows 10,000,000 shares reported as acquired at $0.00 and two corresponding dispositions (one a derivative disposition) of 10,000,000 shares each at $0.00. Per the filing, this was an internal reclassification/conversion of units into Class A common stock — not an open‑market purchase or sale — and no cash was received.

Key Details

• Transaction date: 2026-02-18; Form 4 filed 2026-02-20 (appears timely).
• Reported entries: 10,000,000 shares acquired @ $0.00; two 10,000,000-share dispositions @ $0.00 (one marked derivative).
• Monetary value: $0 cash proceeds; conversion only.
• Shares owned after transaction: filing notes aggregate economic and beneficial ownership and voting power remained unchanged (no net change in ownership other than share class).
• Notable footnotes: F1–F2 explain the conversion arose from post‑business‑combination unit reclassification and was administrative/structural; F3 notes some securities are held in a custodial UTMA account for the reporting person’s child and are disclaimed as beneficial ownership except for any pecuniary interest.
• No indication of a 10b5-1 plan, sale, or tax withholding related to these entries.

Context
This filing documents a structural reclassification (conversion/redemption and cancellation of unit/class B interests into Class A common stock) rather than market trading. Such administrative conversions do not signal a buy or sell decision by the insider and, per the footnotes, were undertaken for long‑term structural/administrative planning.