CAREY CHASE 4

What Happened
Carey Chase, a director of Liberty Media Corp (FWONK), exercised options to acquire 100,000 shares on 2026-05-27 at a $28.00 strike (cash paid $2,800,000). The filing shows the same 100,000 shares were sold the same day in two open-market transactions: 1,454 shares at a weighted avg price of $91.12 (proceeds $132,492) and 98,546 shares at a weighted avg price of $90.27 (proceeds $8,895,659). Total sale proceeds were $9,028,151, so proceeds net of the exercise cost were approximately $6,228,151.

Key Details

• Transaction date: 2026-05-27 (Form filed 2026-05-28 — appears timely).
• Option exercise: 100,000 shares acquired at $28.00 (code M); exercise cost $2,800,000. Footnote F4: the option award is fully exercisable.
• Sales: 1,454 shares sold at weighted avg $91.12 (range $91.0789–$91.3800 per F2) for $132,492; 98,546 shares sold at weighted avg $90.27 (range $90.0200–$90.6800 per F3) for $8,895,659. Total sales = $9,028,151.
• Additional derivative line: a 100,000-share derivative disposition at $0.00 is reported (see footnote F1 re: corporate conversion); this appears related to the option exercise/conversion.
• Shares owned after the transactions: not specified in the provided excerpt of the filing.
• Corporate note (F1): Issuer reincorporated from Delaware to Nevada effective 2026-05-12; outstanding FWONK shares and options converted into the Nevada entity on a 1-for-1 basis.

Context

• The sequence—exercise of options and same-day sale of the acquired shares—is common when insiders exercise options and immediately sell shares (often to cover exercise cost/taxes). This filing simply reports the transactions; it does not state motivations.
• Footnotes F2/F3 indicate the sale prices are weighted averages across multiple trades; the reporting person can provide per-trade details on request.