SANDS RICHARD 4

What Happened

• Richard Sands (identified as a 10% owner) converted/exercised 1,114 restricted stock units into 1,114 shares of Constellation Brands (derivative code M) on July 10, 2026. The conversion shows a $0.00 per-share price (no cash paid) and the resulting shares were disposed/transferred to a related entity rather than sold on the open market.

Key Details

• Transaction date: 2026-07-10; filing date: 2026-07-14 (filed within required business-day window).
• Transaction types: Exercise/conversion of derivative (M) — 1,114 shares acquired at $0.00; same 1,114 shares recorded as disposed/transferred at $0.00.
• Footnotes of note:
  • F1/F7: These were restricted stock units (RSUs); each RSU converts into one share and vested shares are delivered on the vesting date.
  • F2–F5/F3: The shares are owned by affiliated entities (RES Master LLC and other RES/SER entities). RES Master LLC is owned by the Richard Sands Master Trust; Sands is sole trustee and sole beneficiary.
  • F6: The reporting person disclaims beneficial ownership of securities held in these affiliated entities.
• The filing does not show a cash sale or open-market trade — this was an internal conversion and transfer to related parties, not a purchase or market sale.
• Post-transaction total holdings are not summarized in the Form 4; the filing indicates the reported securities are held by RES Master (and other affiliated entities).

Context

• This was a conversion of RSUs (a common form of equity compensation) rather than a purchase or cash sale. The $0.00 price reflects conversion/vesting mechanics, not a free market transaction.
• As a 10% owner, Sands' transfers to affiliated entities are often structural or estate/trust-related and do not necessarily signal a personal buy/sell decision about the company’s outlook.