Silver Lake Group, L.L.C. 4

What Happened

• SLTA IV (GP), L.L.C., a Silver Lake affiliate and reported 10% owner, converted 697,553 Class B shares into Class C common stock on March 4, 2026 (derivative conversion/exercise). Following the conversion, the filing shows open-market sales of 514,417 Class C shares on March 4 and March 6, 2026, generating approximately $75.53 million in gross proceeds.
• In addition, Silver Lake initiated pro rata in‑kind distributions of Class C shares on March 5, 2026, totaling 371,482 shares (no cash proceeds). The filing notes that receipt of those distributed shares was exempt from reporting under Rule 16a-13.

Key Details

• Transaction dates: March 4–6, 2026. Open-market sales executed March 4 and March 6; in‑kind distributions initiated March 5.
• Sale details: 514,417 shares sold in multiple trades at prices around $146.50–$147.08 (weighted average); gross proceeds ≈ $75.53M. Footnotes indicate actual trade prices ranged roughly $146.48–$147.67.
• Conversions: 697,553 shares reported as exercised/converted (Class B → Class C) on March 4 (reported as derivative transactions). Several of those converted shares were sold or distributed.
• In‑kind distributions: 371,482 shares distributed March 5; recipients’ receipt was Rule 16a‑13 exempt.
• Shares owned after transaction: not specified in the Form 4 summary provided.
• Filing timeliness: Form 4 filed March 6, 2026 for transactions on March 4–6; appears to be filed within the usual Section 16 reporting window.
• Other notes: filing was submitted jointly by Silver Lake reporting persons; footnotes tie these transactions to Silver Lake entities and (in related filings) to Egon Durban and other affiliates. The filing disclaims beneficial ownership except to the extent of any pecuniary interest.

Context

• These transactions are primarily institutional activity by a reported 10% owner (Silver Lake affiliate), not an individual executive purchase. The “M” codes reflect conversion/exercise of convertible shares (Class B → Class C) rather than typical stock option cash purchases — many converted shares were immediately sold or distributed. Receipts of distributed shares were reported as exempt under Rule 16a‑13, which often covers in‑kind distributions to affiliates or employees and does not imply a separate purchase.