Alvarado Michael 4

What Happened Michael Alvarado, the company's Chief Operating Officer, Chief Legal Officer and Vice President, had restricted share units (RSUs) settle and received new RSU awards on April 8, 2026. The filing shows conversion/settlement of 46,780 derivative units into Class A common shares and new grants totaling 435,000 RSUs (135,000 + 180,000 + 120,000). To cover tax withholding on the settled units, 23,802 shares were surrendered at $5.00 per share, equal to $119,010.

Key Details

• Transaction date: April 8, 2026 (Form 4 filed April 10, 2026).
• Settled/converted: 46,780 derivative units into Class A common shares (listed as exercise/conversion, code M).
• Tax withholding: 23,802 shares withheld at $5.00/share = $119,010 (code F); no shares were sold on the open market to satisfy taxes.
• New awards: 135,000 RSUs, 180,000 RSUs and 120,000 RSUs granted (code A) at $0 exercise price (derivative awards).
• Vesting notes: some awards vest over three years (time-based); others are performance-based with vesting tied to share-price targets through Feb 28, 2029 (including a >$10/share 20-consecutive-day condition for certain awards).
• Ownership note: Company shares are held by The Michael A. and Julie S. Alvarado Family Trust (co-trustees Michael and Julie Alvarado) as disclosed (footnote).
• Filing timeliness: Form 4 was filed two days after the transaction date (Apr 10 for Apr 8 transaction), consistent with the typical two-business-day deadline.

Context These entries reflect RSU settlement and new equity awards rather than an open-market purchase or discretionary sale. The taxable portion was satisfied by withholding shares (a common, routine process), and the new RSUs carry time- and performance-based vesting conditions — meaning they do not represent immediately sellable stock today. For retail investors, awards/vesting and tax-withholding are routine insider compensation events and do not by themselves indicate a buy/sell sentiment.