JNP 2010-PG Trust 4

What Happened

• JNP 2010-PG Trust (a reporting trust and member of a 10% owner group) converted 213,434 shares of Class B common stock into Class A common stock and sold those 213,434 Class A shares in an open-market sale on 2026-04-17. The sale price was $167.75 per share, generating proceeds of approximately $35,803,554. The conversion itself produced no cash proceeds (conversion is automatic/zero-dollar).

Key Details

• Transaction date: 2026-04-17; Filing date: 2026-04-21 (filed 4 days after the trade).
• Sale: 213,434 shares at $167.75; gross proceeds ≈ $35,803,554.
• Conversion: 213,434 Class B shares converted into Class A shares per the issuer's charter (automatic/holder option conversion rules noted in footnotes F1/F2).
• Beneficial ownership after the transaction: not specified in the excerpt of this filing (see full Form 4 for post-transaction holdings).
• Notable footnotes/remarks: Reporting person is a trust with Robin Road Trust Company LLC as trustee (trustee has investment power). The trust is part of a 10% owner group and disclaims beneficial ownership except for pecuniary interest; voting agreements and transfer limitations are referenced.
• Timeliness: Filing occurred several days after the trade; Form 4s are generally due within two business days — review the full filing for any timeliness explanation.

Context

• This was a sale of newly converted Class A shares (conversion + immediate sale), not a purchase — sales are often routine liquidity or structural transactions and do not by themselves signal management intent. Because the reporting entity is part of a 10% owner group and not an individual officer, this is institutional-level activity; interpret accordingly and consult the full Form 4 and any Schedule 13D/G for broader ownership context.