Burke Fred 4

What Happened Fred Burke (President, CEO and Director) recorded the conversion/exercise of 1,298,826 derivative shares on March 28, 2026. The filing shows an exercise/conversion (transaction code M) of 1,298,826 shares into Class A common stock; no cash price is reported (N/A). This was a conversion of existing Class B shares into Class A shares — not an open‑market buy or sale.

Key Details

• Transaction date: March 28, 2026 (reported on Form 4 filed March 31, 2026).
• Transaction type/code: Exercise/conversion of derivative (M).
• Shares converted: 1,298,826 (reported as both acquired and disposed in the filing, reflecting the conversion).
• Price: N/A (no cash paid/received in the reported conversion).
• Shares owned after transaction: Not specified in the filing.
• Footnote: Per the company’s Amended & Restated Certificate of Incorporation, Burke’s Class B common stock automatically converts one‑for‑one into Class A common stock in substantially equal tranches on March 28, 2026 and September 27, 2026.
• Filing timeliness: Form 4 was filed on March 31, 2026 (the filing lists the March 28, 2026 transaction).

Context This was an automatic conversion of Class B to Class A shares under company charter terms (transaction code M) — not a purchase or sale that signals a change in investment stance. Because the conversion is one‑for‑one and scheduled in tranches, expect a remaining conversion tranche on September 27, 2026 per the filing.