STACK EDWARD W 4

What Happened

• Edward W. Stack, listed as a 10% owner, was credited with 43,062 shares (performance-based units) on March 24, 2026. The Form 4 reports these units were acquired at $0.00 (no cash paid). The units represent performance-based awards granted April 3, 2025; the company's compensation committee certified achievement of the performance targets on March 24, 2026. These units remain subject to additional time-based vesting.

Key Details

• Transaction date and price: 2026-03-24; 43,062 shares at $0.00 per share (award).
• Filing date: 2026-03-26 — filed within the typical 2-business-day window (timely).
• Shares/holdings called out in footnotes: Form references 5,281,431 shares of Class B common stock (not registered) and additional Class B shares held in or shifted to/from GRATs (see footnotes). Class B shares carry 10 votes per share and are convertible into common stock.
• Notable footnotes:
  • F1: Units earned under a 2025 performance award; time-based vesting remains.
  • F2–F6: Detail sizeable Class B holdings and transfers involving Grantor Retained Annuity Trusts (GRATs); some shares are held indirectly and are not registered under the Exchange Act.
• Nature of transaction: Award/grant (A) — not a market purchase or sale, so it does not represent an immediate cash investment or divestiture.

Context

• These are performance-based restricted units (awarded, not sold). Because they remain subject to time-based vesting, they are not immediately tradable and do not necessarily signal immediate buying pressure.
• As a 10% owner, Mr. Stack’s filings reflect large, controlled holdings and estate/transfer activity (GRATs), which can affect how holdings are reported (direct vs. indirect ownership) rather than indicating routine executive trading.