FRANKE WILLIAM A 4

What Happened

• William A. Franke (reported as a 10% owner) converted/exercised 34,230 derivative shares on May 14, 2026 (transaction code M). The filing also shows 34,230 shares disposed at $0 (i.e., the converted shares were surrendered/disposed). Separately, Franke was granted 32,990 restricted stock units (RSUs) on the same date at $0 (transaction code A). No cash values were reported for these transactions in the Form 4.

Key Details

• Transaction date: May 14, 2026; Form 4 filed May 18, 2026 (timely within the two-business-day requirement).
• Exercise/conversion: 34,230 shares acquired and 34,230 shares disposed at $0 (derivative conversion with immediate surrender/disposition).
• Grant/award: 32,990 RSUs granted at $0.
• Shares owned after transaction: not specified in the filing.
• Footnotes of note:
  • F1: Each RSU represents a contingent right to receive one share of common stock; the RSUs have no expiration.
  • F2: Some shares are held by Indigo Denver Management Company, LLC; Franke is sole member and may be deemed to have voting/dispositive power but disclaims beneficial ownership except to his pecuniary interest.
  • F3: The RSUs have fully vested as of May 14, 2026.
  • F4: (Standard) Some RSUs will vest in full on the earlier of May 14, 2027 or immediately before the next annual meeting, subject to continued service.

Context

• Transaction code M indicates an exercise/conversion of a derivative; the matching disposal at $0 typically reflects surrendering shares on settlement (e.g., to satisfy exercise costs or tax withholding), as reported, rather than an open-market sale. The grant of RSUs (code A) is an award and — per F3 — those RSUs are reported as vested as of the transaction date. Because Franke is a 10% owner and some holdings are through an entity he controls, these filings reflect insider/institutional ownership activity rather than routine open-market buying/selling by an executive.