JESSELSON MICHAEL G 4

What Happened
Director Michael G. Jesselson elected to convert 30,000 Class B ordinary shares into 30,000 Class A ordinary shares on June 8, 2026. The Form 4 shows the acquisition of 30,000 Class A shares (conversion) and a corresponding disposition of 30,000 Class B shares recorded at $0.00 — this was an in‑kind conversion with no cash paid or received.

Key Details

• Transaction date: June 8, 2026 (Conversion of derivative security; transaction code C).
• Report filed: June 15, 2026 (Form 4 accession 0001213900-26-068984). The filing was 7 days after the transaction, exceeding the usual 2-business-day Form 4 deadline.
• Shares involved: 30,000 Class B shares converted into 30,000 Class A shares. Disposition on the report shows $0.00 (no cash consideration).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: Under the issuer’s amended articles, Class B ordinary shares are convertible one-for-one into Class A ordinary shares at the holder’s option for no additional consideration; the reporting person exercised that right for 30,000 shares on June 8, 2026.

Context
This was an administrative conversion of share classes (a derivative conversion), not a market purchase or sale. Conversions like this are typically routine corporate-structure actions and do not necessarily indicate a change in the insider’s view of the company. Because no shares were sold in the open market as part of this filing, it’s not a sell signal; instead, it simply reflects the exchange of one share class for another.