Valleton Eric John 4

What Happened

• Eric Valleton (Chief Technology Officer) experienced an automatic, non‑discretionary redemption (disposition to the issuer) of 52,413 MH Units on June 1, 2026. The units were redeemed for cash at a price tied to the follow‑on offering price of $36.00 per share, for total proceeds of approximately $1,886,868. The Form 4 reports the transaction as a derivative disposition (price listed as N/A), with details provided in filing footnotes.

Key Details

• Transaction date: 2026-06-01; Form 4 filed: 2026-06-03 (timely).
• Units disposed: 52,413 MH Units; cash price per unit: $36.00 (per filing footnote); total ≈ $1,886,868.
• Transaction code: D (Disposition to issuer); treated as a derivative redemption rather than an open‑market sale.
• Shares/units owned after transaction: Not specified in the Form 4.
• Footnotes: Redemption was a required, pro rata automatic cash redemption tied to a public follow‑on offering (prospectus dated May 28, 2026). Upon redemption, corresponding Opco LLC Interests and Class B common stock held by related entities were surrendered/cancelled.

Context

• This was an automatic, contractual redemption of partnership/derivative interests in connection with a follow‑on offering — not an insider-initiated open‑market sale. Such redemptions are typically routine outcomes of LP/LLC agreements when public offerings occur and do not, by themselves, indicate managerial market timing or sentiment.