Ghaffarian Kamal Seyed 4

What Happened

• Kamal Ghaffarian (reported as a 10% owner) exercised/converted 141,909 derivative units and then disposed of those shares on June 29, 2026. All 141,909 shares were sold in open‑market transactions: 94,899 shares at a weighted average price of $20.24 (proceeds $1,921,002) and 47,010 shares at a weighted average price of $20.80 (proceeds $977,893). Total reported proceeds from the open‑market sales: $2,898,895.
• These actions effectively converted derivative/common‑unit holdings to Class A common stock and resulted in immediate sales—i.e., the shares were exercised/converted and sold the same day (a cashless outcome rather than a long‑term purchase).

Key Details

• Transaction date: June 29, 2026; Form 4 filed July 1, 2026 (appears timely — within two business days).
• Sales/prices: 94,899 shares @ $20.24 (weighted avg; range $19.63–$20.62 per F5) and 47,010 shares @ $20.80 (weighted avg; range $20.63–$21.25 per F6). Total proceeds ≈ $2.90M.
• Shares affected: 141,909 shares were exercised/converted and disposed.
• Shares held after transaction (reported of record): GM Enterprises, LLC — 2,241,121 common units/Class C; Ghaffarian Enterprises, LLC — 32,547,055 common units/Class C and 3,494,768 Class A shares (see footnote F2). Dr. Ghaffarian may be deemed to share beneficial ownership through those entities but disclaims ownership except for his pecuniary interest (F3).
• Plan/authorization: Sales were effected pursuant to a Rule 10b5‑1 trading plan adopted by Ghaffarian Enterprises, LLC on December 4, 2025 (F4).
• Other footnotes: Common Units may be redeemed one‑for‑one for Class A shares and have special cancellation mechanics for Class C shares upon redemption (F1). Weighted average prices are reported; detailed per‑trade prices can be provided on request (F5, F6).

Context

• These were not purchases (which are often seen as a stronger bullish signal) but a conversion/exercise followed by immediate sale under a pre‑arranged 10b5‑1 plan — a routine liquidity event for holders of convertible units or options.
• As a 10% owner acting through affiliated entities, this filing reflects entity/institutional holdings and sales rather than a direct company executive buy/sell decision.